Investing.com - German business confidence improved unexpectedly in November, easing concerns over the health of the euro zone’s largest economy, industry data showed on Monday.
In a report, the German research institute, Ifo said its Business Climate Index rose to a seasonally adjusted 104.7 this month, above forecasts for 103.0 and up from a reading of 103.2 in October.
The Current Assessment Index increased to 110.0 in November, beating expectations for a reading of 108.0 and up from 108.4 in October.
The Business Expectations Index, which measures attitudes toward business prospects over the next six months, improved to 99.7 this month from 98.3 in October, above forecasts for 95.5.
The monthly index is based on a survey of around 7,000 German firms in the manufacturing, construction, wholesale and retail sectors.
EUR/USD was trading at 1.2395 from around 1.2382 ahead of the release of the data, while EUR/GBP was at 0.7924 from 0.7917 earlier.
Meanwhile, European stock markets added to gains. Germany's DAX tacked on 0.5%, the DJ Euro Stoxx 50 rallied 1.1%, France’s CAC 40 advanced 0.9%, while London’s FTSE 100 rose 0.1%.