Euro strengthens against counterparts on positive German data
Europe's common currency rose 0.4 per cent to $1.3296, while also improving by 0.2 per cent against the yen to reach 106.56. The dollar fell against the yen as it made losses versus 13 of its 16 most-traded counterparts, reports Bloomberg.
The euro made gains on the dollar and the euro today (February 23rd) as forex traders reacted well to the possibility of German business confidence increasing, something which could indicate the financial recovery of the eurozone.
An improvement in European market sentiment was triggered by the Ifo Institute's business climate index for Germany, which rose to 108.8 from 108.3 in January.
Chris Walker, currency strategist at UBS, said the figures produced by this survey would provide a useful indicator of Europe's economic health.
"There's still a lot of economic uncertainty in the region, but a strong Ifo reading should at least on the margin help to support the euro," added Mr Walker.
Sterling fell against the euro yesterday amid concerns the Bank of England could increase quantitative easing, Reuters noted.Posted by Clive Arneil
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