The common currency of the European Union climbed on Friday against the U.S. dollar after the emergence of strong economic data from Germany, the strongest economy in the 17-nation bloc, Bloomberg reports.
Next month is forecast to see strong consumer sentiment in Germany, elongating the largest weekly advance for the euro against the world's reserve currency since early last month. German institute Ifo released surprisingly strong data noting its business climate index advanced more than anticipated this month, checking in at 105.7 after registering at 104.4 last month. Bloomberg-polled economists projected the index would not change.
Bundesbank, the central bank of Germany, said the national economy will continue gaining steam this quarter, which ends next month. Exports advanced and factory orders pushed ahead in March, the central bank said.
The consumer-sentiment index orchestrated by GfK AG forecast returns of 6.5 in June after registering at 6.2 this month. The forecast would be the highest level since returns in September 2007.
This month's Ifo index was projected to check in at 104.5, according to economists surveyed by Reuters.
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