The euro pared its decline against the dollar after the Munich-based Ifo institute’s German business climate index unexpectedly increased in March.
The euro traded little changed at $1.3262 at 9:05 a.m. London time after dropping as much as 0.3 percent. It rose 0.4 percent to 109.71 yen.
The Ifo said its index, based on a survey of 7,000 executives, rose to 109.8 from a revised 109.7 in February. Economists forecast it would remain unchanged at the initial February reading of 109.6, according to the median of 44 estimates in a Bloomberg News survey.
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