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07:00 Germany GDP (Q3) revised 0.5%
07:00 Germany GDP (Q3) revised Y/Y 2.6%
09:00 Germany IFO business climate index (November) 106.6
09:30 UK GDP (Q3) revised 0.5%
09:30 UK GDP (Q3) revised Y/Y 0.5%
The euro strengthened from a seven- week low against the dollar as German reports showed business confidence improved and economic growth accelerated even with Europe’s worsening debt crisis.
The Munich-based Ifo institute said its business climate index increased to 106.6 this month from 106.4 in October.
The euro also advanced versus the pound amid signs Germany is softening its opposition to allowing issuance of common euro-area bonds.
Yesterday Germany received insufficient bids at a bond auction, fueling concern that Europe’s sovereign-debt crisis is driving away investors from the region’s assets.
German newspaper editorials and opposition politicians stepped up bids for Chancellor Angela Merkel to shift from an incremental approach after the government sold 35 percent less bonds than its maximum target at yesterday’s auction. Bild newspaper reported Merkel’s coalition is concerned it may have to agree to euro bonds under certain conditions.
EUR/USD: during european session the pair was trading in $1.3350-$ 1.3410 area.
GBP/USD: during european session the pair was trading in $1.5500-$ 1.5570 area.
USD/JPY: during european session the pair was trading in Y77.00-Y77.20 area.
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