Euro Strengthens on German Ifo Data

The euro strengthened today against the major currencies thanks to Germany's strong economic data. In addition, positive political news appears from Germany, as the Social Democrats announced that they would enter into negotiations with Chancellor Angela Merkel. The US dollar, the Japanese yen and the Canadian dollar remain the weakest major currencies.

Business confidence in Germany reached a record level in November. The Ifo Business Climate index rose to 117.5 from the revised reading in October 116.8. This was higher than the forecast at 116.6. Expectation gauge increased to 111.0 from 109.2.

The PMI manufacturing in Japan rose to 53.8 in November, above the forecast of 52.6. This is the strongest improvement in 44 months since March 2014. New Zealand trade deficit narrowed to NZD -871m in October.