Investing.com - German business confidence unexpectedly improved in November, bolstering optimism over the motor of the euro zone economy, industry data showed on Friday.
In a report, the German research institute Ifo said its Business Climate Index rose to a seasonally adjusted 117.5 this month from a reading of 116.7 in October, beating forecasts for a drop to 116.6.
However, the Current Assessment Index unexpectedly decreased to 124.4 in November from 124.8 a month earlier. The reading missed expectations for a rise to 125.0.
The Business Expectations Index, which measures attitudes toward business prospects over the next six months, increased to 111.0 this month from the reading of 109.2 (revised from 109.1) in October. That was a positive surprise compared to estimates for the reading to decline to 108.9.
The monthly index is based on a survey of around 7,000 German firms in the manufacturing, construction, wholesale and retail sectors.
Immediately following the report, EUR/USD was trading at 1.1865 from around 1.1863 ahead of the release of the data, while EUR/GBP was at 0.8905 from 0.8902 earlier.
Meanwhile, European stock markets were trading mixed. The benchmark Euro Stoxx 50 gained 0.40%, Germany's DAX rose 0.14%, France’s CAC 40 traded up 0.28%, while London’s FTSE 100 dropped 0.18%.