Investing.com - German business confidence improved in February, as the German economy got back on track after a cautious start to the year, according to data released on Wednesday.
The Munich-based Ifo institute said its business climate index rose to 111.0 this month from 109.9 in January.
Economists had expected a reading of 109.6.
The current assessment index rose to 118.4 from 116.9 a month earlier, against expectations for a reading of 116.7. It was the highest reading since August 2011.
The business expectations index, which measures attitudes toward business prospects over the next six months, ticked up to 104.0 this month from 103.2 in January, compared to estimates for a reading of 103.0.
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 1.0508 from around 1.0509 ahead of the release of the data, while EUR/GBP was at 0.8429 from 0.8414 earlier.