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The euro rose against the dollar, reaching the strongest level in almost two months, as a report showed business confidence in Germany jumped last month, boosting optimism in the region’s economic recovery.
The common currency gained versus most of its major counterparts amid speculation that European policy makers will find a long-term solution to deal with the sovereign-debt crisis. Currencies of commodity-exporting countries gained as stocks and raw materials advanced. Canada’s dollar extended an advance against its U.S. counterpart after retail sales rose more than forecast in November.
“The euro is well supported because it had very strong economic data,” said Kathy Lien, director of currency research at online currency trader GFT Forex in New York. “It takes the focus off the sovereign-debt worries.”
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