German Business Climate Index Misses Expectations, Euro Unfazed

The euro rose against other most-traded currencies today. That was surprising, considering that economic data released in the eurozone today, namely the German business climate, missed expectations.

The Ifo Business Climate Index slid to 117.2 in December, seasonally adjusted, from the record high level of 117.6 in November, whereas analysts had expected it to stay unchanged. The data was mixed as the index for the current conditions actually improved, and it is the indicator for the business expectations that decreased. It did not affect the euro, though, as the currency was trading higher against most of its major rivals.

EUR/USD rose from 1.1780 to 1.1804 as of 10:26 GMT today, rising to the high of 1.1818 intraday. EUR/JPY gained from 132.58 to 132.94.

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