The euro advanced today as German business confidence this month reached the highest level in seven months, easing concerns about economic growth of the eurozone. The concerns haven’t completely disappeared, though, and the currency gave up some of its gains.
The Ifo Business Climate Indicator was at 109.6 in February, compared to the January figure of 108.3 and the median forecast of 108.7. That’s the highest reading since July. Germany has been a source of optimism about the future of the eurozone for a long time and still continues to fuel good outlook for the economy of Europe. On the other hand, most other European countries don’t perform that good, making investors concerned and such concerns trimmed gains of the euro.
EUR/USD traded at 1.3297 as of 12:32 GMT today after opening at 1.3249 and climbing to 1.3342 — the highest rate since December 12. EUR/JPY was at about 106.58 after it opened at 106.33 and reached 106.86 — the highest since November 9.
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