Upbeat German business survey lifts euro, tempers recession fears

A Euro sign is shown in front of the European Central Bank building in Frankfurt, Germany. Picture: ISTOCK

However, sentiment took a turn for the better after Germany’s IFO Institute said its business climate index rose to 99.6 in March, from an upwardly revised 98.7 in the February. The March figure beat a consensus forecast for a reading of 98.5. The IFO provided some reassurance to the euro following dire purchasing managers’ index data on Friday that had sent the currency some 0.7% lower versus the dollar.

The earlier rush for safety had driven Japanese 10-year government bond yields to 31-month lows, while the yen traded as high as 109.70 against the greenback, a six-week high. But it eased after the IFO to trade around 110.100.

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