The euro was flat today as a report from Germany disappointed Forex market participants, causing speculations that the recovery of the euro-region is still in danger and the recent strong rally of the shared 17-nation currency was unwarranted.
The Ifo Business Climate Index Germany fell from 107.7 in September to 107.4 in October, while analysts predicted an increase to 108.2. It was the first decline in six months. The report said:
Assessments of the current business situation were somewhat less positive, but remain above average. The German economy has not yet moved fully into gear.
EUR/USD was at 1.3796 as of 11:24 GMT after rallying from 1.3799 to 1.3831 — the highest since November 2011. EUR/JPY traded near 134.24 following the drop from 134.24 to 133.87.
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