The euro advanced today, reaching the highest level in a month against the US dollar, as Germany’s confidence improved and economy continued to expand. The news demonstrated that at least some countries of the eurozone may avoid recession, increasing the appeal of the euro.
The Ifo Business Climate index increased from 100.00 in October to 101.4 in November. Germany’s gross domestic product grew 0.2 percent in the third quarter of 2012, following the 0.3 percent rise in the second quarter. Not everything was well in Europe as European Union leaders failed to agree on a budget plan for the next six years.
EUR/USD rose from 1.2880 to 1.2901 as of 12:26 GMT today, reaching the highest settlement since October 24. EUR/GBP climbed from 0.8081 to 0.8097 — also the highest rate since October 24.
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