Euro Firm in Face of Worsening German Business Climate

The German business climate worsened this month. But while the euro fell versus commodity currencies, it surprisingly managed to log substantial gains versus majors.
The German Ifo Business Climate declined from 97.9 in May to 97.4 in June, in line with market expectations. It was the lowest reading since November 2014. The report made following comments about the result:

Companies have grown increasingly pessimistic about the coming months. However, their assessment of the current business situation improved marginally. The German economy is heading for the doldrums.

EUR/USD gained from 1.1370 to 1.1393 as of 9:28 GMT today, trading near the highest level since March 21. EUR/GBP advanced from 0.8925 to 0.8940.

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