Bloomberg News

Euro Extends Advance Versus Dollar After German Ifo Index Rises

February 22, 2013

The euro extended gains versus the dollar and the yen after an index of German business confidence improved more this month than economists forecast.

The euro strengthened 0.3 percent to $1.3233 at 9:07 a.m. London time. The common currency rose 0.7 percent to 123.62 yen.

The Ifo institute in Munich said its business climate index, based on a survey of 7,000 executives, climbed to 107.4 from 104.3 in January. Economists predicted an increase to 104.9, according to a Bloomberg News survey.

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


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