Investing.com - German business confidence in December dipped slightly, one month after rising to the highest level since May 2014, industry data showed on Thursday.
In a report, the German research institute, Ifo said its Business Climate Index fell to a seasonally adjusted 108.7 this month from a reading of 109.0 in November, below forecasts for 109.0.
The Current Assessment Index decreased to 112.8 in December from 113.4 a month earlier and missing expectations for 113.4.
The Business Expectations Index, which measures attitudes toward business prospects over the next six months, held steady at 104.7 this month, compared to estimates for a reading of 105.0.
The monthly index is based on a survey of around 7,000 German firms in the manufacturing, construction, wholesale and retail sectors.
EUR/USD was trading at 1.0869 from around 1.0867 ahead of the release of the data, while EUR/GBP was at 0.7274 from 0.7272 earlier.
The Investing.com euro index, which tracks the single currency against a basket of six major rivals, was at 87.61, compared to 87.63 ahead of the report.
Meanwhile, European stock markets were sharply higher. Germany's DAX rallied 2.6%, the EURO STOXX 50 surged 2.7%, France’s CAC 40 jumped 2.5%, while London’s FTSE 100 rose 1.6%.