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Euro Spikes Up Against Pound, Yen After German Ifo Business Sentiment

The euro strengthened against the pound and the yen on Friday's early European deals after a report showed that German Ifo business sentiment rose in April.

German business sentiment improved unexpectedly in April, the Munich-based Ifo institute reportedly said today.

The business climate index rose to 109.9 in April from 109.8 in March. Economists were forecasting the reading to drop to 109.5.

The euro rose to near a 2-week high of 107.59 against the yen and a 2-day high of 0.8203 against the pound with 108.00 and 0.824 seen as the next upside target levels, respectively.

by RTT Staff Writer

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