The shared currency of the European Union climbed for a second-straight day on Tuesday against the world's reserve currency and the Japanese yen after economic data indicated Germany's investor confidence is on the uptick, Bloomberg reports.
The euro rose against 12 of its top 16 counterpart currencies, bolstering the belief that the biggest economy is gaining traction. Europe's trade surplus grew this past July, Reuters reports.
"The financial-market experts hold the view that the German economy is still gaining momentum," president Clemens Fuest with ZEW told the news source on Tuesday. "The experts' economic optimism has increased due to the improved economic outlook for the euro zone, although recently released economic data for Germany have fallen short of expectations."
The 17-nation monetary unit advanced 0.2 percent against the greenback and achieved gains of 0.3 percent against the Japanese yen. The euro's climb this year has pushed to about 4.8 percent.
Shipments increased 3 percent year-on-year in July after falling 3 percent during the same period for June, Reuters reports. Imports were even in July after dropping 6 percent during the month prior, indicating that households' regional demand could be recovering.
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