Bloomberg News

Euro Extends Gains Against Dollar After Ifo Beats Estimates

November 24, 2011

Nov. 24 (Bloomberg) -- The euro extended its advance against the dollar after a report showed German business confidence unexpectedly rose for the first time in five months in November.

Europe’s common currency rose 0.3 percent to $1.3387 as of 9:05 a.m. in London. It was 0.2 percent firmer at 103.37 yen.

The Munich-based Ifo institute’s business climate index, based on a survey of 7,000 executives, increased to 106.6 from 106.4 in October. Economists expected a decline to 105.2, according to the median of 40 forecasts in a Bloomberg News survey.

To contact the reporter on this story: Lukanyo Mnyanda in Edinburgh at lmnyanda@bloomberg.net

To contact the editor responsible for this story: Nicholas Reynolds at nreynolds2@bloomberg.net


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