The euro rose against the yen, paring a weekly decline, before German data that may show business confidence bottomed out after a two-month decline.
Europe’s currency was set for a weekly gain versus the dollar after a report yesterday showed a gauge of the region’s services and manufacturing industries rose more than estimated this month. The yen slid versus most major peers as the nation’s stocks rebounded from the biggest tumble in two years.
“I expect the euro to go higher in the near term,” said Kengo Suzuki, the chief currency strategist at Mizuho Securities Co. in Tokyo, a unit of Japan’s third-biggest financial group by market value. “The economic situation in the euro region wasn’t as bad as was thought.”
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