The common currency of the European Union pushed ahead on Monday against the Japanese yen, rising from its lowest value since the middle of last month, according to Bloomberg.
The German business climate index released by the Ifo institute indicated the economy of the largest economy in the euro zone is growing stronger. That marks the third consecutive month of gains for the metric, which polled 7,000 executives in the nation.
"The euro is being supported by improvement in the growth outlook as economic data, especially from Germany, showed improvement," European research director Kathleen Brooks with Forex.Com in London told the news source on Monday. "We see room for further upside for safe-haven currencies due to the risk-aversion in the market."
The 17-nation monetary unit rose roughly 0.3 percent against the currency of the Pacific Rim nation after having scraped its lowest value since the middle of last month.
Reuters reports European stocks tracked losses of Asian counterparts on Monday as concerns grew about economic trouble in China, host of the globe's second-largest economy. The euro also was pinched by prospects of the U.S. Federal Reserve preparing to slash monetary stimulus.
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