Euro Stays Below 1.12 Level

The euro fell slightly and the EUR/USD pair is trading just below line 1.12. Data of the Institute of Economic Research Ifo showed that the German Business Climate rose to 115.1 in June. It was expected, that the figure would be 114.4. The indicator improved for five consecutive months, indicating a stronger optimism among German enterprises.

The Germany's GDP grew by 0.6% in the first quarter. Large economic institutions and the central bank of Germany revised their forecasts of Germany's growth for 2017 and 2018.

Economic growth in Germany contributed to growth in the euro area. But still, the ECB said it will not tighten its monetary policy until the inflation rate grows to 2%.