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by ForexNewsNow Team on November 24, 2010

German business confidence soars to record high

NEW YORK (Forex News Now) – German business confidence soared unexpectedly to the highest level ever recorded, data showed on Wednesday in an event that could impact currency market trading.

In the monthly report released by the Munich-based Ifo Institute, its business climate index increased to 109.3, up from 107.7 in October and setting a new record since the reunification of Germany some two decades ago.

Analysts had expected Novembers index to decline to 107.6, major online FX trading news outlets reported prior to the data’s release.

The euro initially rose against the dollar after the report, before falling to a trading level of 1.3317 at 10:00 A.M. GMT, down 0.381 percent on the day.

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