Euro Advances as Ifo Economist Signals Stronger German Economy
The euro rose against the dollar and yen after the chief economist of Germany's Ifo economic institute said the group may raise its 2005 growth forecast for the country.
An 8 percent drop in the euro versus the dollar this year has supported growth across the economy of the dozen nations sharing the European currency by making exports more affordable abroad, and cushioning against record oil costs. Germany's exports and industrial production rose in July, reports showed this week.``People are having growing expectations of economic recovery in Germany, which leads the European economy,'' said Satoru Ogasawara, a currency strategist at Credit Suisse First Boston in Tokyo. ``That's euro positive for sure.''
The euro rose to $1.2424 at 1:27 p.m. in Tokyo, from $1.2397 late yesterday in New York, according to electronic currency dealing system EBS. It rose to 137.36 yen, from 137.02.
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