James HesterA leading gauge of Germany business confidence surprised on the upside in November, reaching a record high.
German research institute Ifo reported that its Business Climate Index had increased to a seasonally adjusted 117.5 versus 116.7 in the prior month.
Economists had widely expected the November reading of the gauge to fall to 116.6.
Ifo’s monthly survey is based on the opinions of 7,000 firms.
In a statement Ifo said the data showed “very strong” sentiment among German businesses, suggesting that the German economy was “on track for a boom.”
The euro traded 0.11% and 0.04% higher against the dollar and sterling respectively as at 09.29 GMT.
