German Business Confidence Gain Supports Euro

An upsurge in business confidence in Germany helped lift the euro to a 0.3 percent gain by 7:55am in New York this morning. Speculation also continues to support further interest rate gains by the European Central Bank and this is also contributing to an increase in demand today for the euro.

“Markets are pretty convinced still that the ECB will raise rates,” noted John Hydeskov, chief analyst at Danske Bank A/S in London. “They will perhaps acknowledge that there are still difficulties in the periphery, but they are still focusing on the core, and the core is performing fine.”

Source: Bloomberg

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