The common currency of the European Union advanced to its four-year height on Friday against the Japanese yen after a gauge of German business confidence climbed to its highest rate since early last year, Bloomberg reports.
After registering at 107.4 in October, the Ifo institute business index – a measure of business confidence – checked in at 109.3 this month. The survey polled 7,000 executives in the nation hosting the biggest economy in the euro zone.
"We view rebounds in euro/dollar as providing renewed selling opportunities," states a note authored by analysts with Morgan Stanley, according to Reuters. "We have introduced a euro/dollar bearish strategy to our medium-term portfolio."
The euro climbed 0.4 percent against the monetary unit of the Pacific Rim nation after rising to its top level since October 2009 against its rival earlier during the trade session. The euro pushed ahead about 0.3 percent against the world's reserve currency.
Remarks by President Mario Draghi, chief of the European Central Bank, also benefited the 17-nation currency. Draghi said negative deposit rates are unlikely to be deployed by the ECB.
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