Source Pravda.Ru

Euro Reverses Earlier Losses Vs. Dollar

The euro rose against the dollar, reversing earlier losses, after a survey showed business confidence in Germany unexpectedly surged to a three-month high in July.

"The Ifo confidence survey is surprisingly strong and that provides support for the euro," said Ian Stannard, a senior currency strategist at BNP Paribas in London, Bloomberg says.

The Munich-based Ifo Institute for Economic Research said its index rose to 106.2 in July – a three-year high – from 101.8 in June, far ahead of analysts' expectations for a reading of 101.9, according to Action Economics.

In response, Germany's DAX stocks index is surging this morning, while the Euro currency climbed against the U.S. dollar, according to International Business Times.