Euro Rose to 2-Month Maximum Versus US Dollar

Forex News

The euro remains stable and trades near a two-month high against the US dollar amid a decrease in concerns about political instability in Germany. The leaders of the SPD, who earlier announced their departure to the opposition, agreed to negotiate with CDU/CSU of Angela Merkel to maintain political stability and prevent early parliamentary elections.

Strong economic data from Germany and the Eurozone, which were published last week, also supported the growth of the European single currency. The Ifo business climate in Germany increased to 117.5 in November from 116.7 in October. Analysts predicted that the figure would be 116.6 points.