Euro Takes Down Dollar in Germany

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The euro strengthened versus the dollar due to positive business morale statistics from Germany, while the safe-haven dollar suffered from a slight increase in investor interest in riskier currencies. According to a survey released on Monday, German company confidence increased more than anticipated in December as the outlook for Europe’s largest economy brightened despite the energy crisis and high inflation.

The euro increased by 0.23% to $1.0606 and is now within striking distance of last week’s six-month high of $1.0737.John Doyle, vice president of dealing and trading at Monex USA, stated, “I think the dollar is generally down on slightly higher risk-on trade.”