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London, Aug 19: The euro rose against the dollar on Thursday as expectations of a pick up in euro zone growth were reinforced by the release of a stronger-than-expected business climate survey in Germany, the region's largest economy.
The West German July business climate index rose to 93.6 above consensus expectations of 93.5 and from 92.9 in June. The euro's gains in the wake of the report were more pronounced as traders had begun to price in a weaker number in recent days, analysts said.
"The reaction in the euro is due to the fact that the rumours were for a weaker figure than the consensus," said David Coleman, chief economist at CIBC World Markets in London.
Copyright © 1999 Indian Express Newspapers (Bombay) Ltd.
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