The Euro strenghtened against the Greenback on a survey indicating businesses felt more optimistic about their outlook. The EUR/USD rate rose 16 base points or 0.13% to 1.1874. Then, the European single currency rose further agains the US dollar on the speculation that German major opposition SPD party was considering another coalition government with Chancellor Angela Merkel’s Union parties.
The Munich-based Institute for Economic Research Ifo revealed that business confidence in Germany hit another high, as companies reported stronger optimism about the future, while being slightly pessimistic about current situation. The report showed the Business Climate Index at 117.5 in November, following 116.8 in the previous month.
