Bloomberg News

Euro Pares Decline Versus Dollar as Ifo Confidence Index Rises

March 26, 2012

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.

To contact the reporter on this story: Paul Dobson in London at pdobson2@bloomberg.net

To contact the editor responsible for this story: Daniel Tilles at dtilles@bloomberg.net


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