The euro declined today against other most-traded currencies after the German business climate missed projections, reigniting concerns about the financial stability of the eurozone.
The Ifo Business Climate Index for Germany rose from 106.7 to 106.8 points in February. While the reading itself was not bad, it was not as good as economists have hoped for (107.4). This led to the drop of the euro against other majors, Japanese yen being one of them.
EUR/USD dropped from 1.1394 to 1.1313 and EUR/GBP declined from 0.7399 to 0.7367 as of 12:03 GMT today.
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