The euro maintained its strength against both the pound and the dollar yesterday. Positive economic data from Germany and the acceleration of vaccine programmes across Europe are supporting the single currency.
The IFO Business Climate indicator for Germany rose to 99.2 in May 2021, above market expectations of 98.2. This shows that business morale is at the highest level since May 2019. Companies were both satisfied with the current business situation and also more optimistic about the coming months.
Consumer confidence figures for Germany will be released tomorrow, along with key speeches from European Central Bank officials.
