The euro strengthened versus the dollar and the yen after a German report showed business confidence rose more than economists forecast.
The dollar dropped against 13 of its 16 major counterparts. The Munich-based Ifo institute said its business climate index, based on a survey of 7,000 executives, climbed to 109.6 from 108.3 in January. That’s the fourth straight gain and the highest reading since July. Economists predicted an increase to 108.8, according to the median of 38 estimates in a Bloomberg News survey.
The 17-nation currency strengthened 0.5 percent to $1.3315 at 9:11 a.m. London time and climbed 0.3 percent to 106.74 yen.
The dollar fell before a speech tomorrow by Federal Reserve Bank of New York PresidentWilliam Dudley who last month said policy makers will support a U.S. recovery.
The Stoxx Europe 600 index of shares rose 0.3 percent and the MSCI Asia Pacific Index was little changed after earlier falling as much as 0.6 percent.
