Euro Pumped By Strong German Data - by Lionel Laurent
The European economy still had the power to surprise on Wednesday, when Germany's business climate indicator showed an unexpected upswing from February. With the European Central Bank predicting above-target inflation for most of 2008, rate-cut hopes are starting to wither. The German Ifo business climate index showed a largely unexpected rise to 104.8 in March on Wednesday, up from 104.1, in February. The president of the Ifo institute said that companies were more optimistic about exports, despite the strong euro, and had clear plans to hire more workers.
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