Investing.com - German business confidence improved in July, as temporary relief over Greece brightened the mood, industry data showed on Monday.
In a report, the German research institute, Ifo said its Business Climate Index rose to a seasonally adjusted 108.0 this month, up from a reading of 107.5 in June and beating forecasts for 107.2.
The Current Assessment Index improved to 113.9 in July, up from 113.1 in June and above expectations for 113.0.
The Business Expectations Index, which measures attitudes toward business prospects over the next six months, increased to 102.4 this month from 102.1 in June, compared to estimates for a reading of 101.8.
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 1.1101 from around 1.1088 ahead of the release of the data, while EUR/GBP was at 0.7152 from 0.7148 earlier.
Meanwhile, European stock markets were broadly lower. Germany's DAX lost 1.3%, the EURO STOXX 50 tumbled 1.4%, France’s CAC 40 dropped 1.6%, while London’s FTSE 100 declined 0.4%.