Investing.com - German business confidence deteriorated slightly in March, one month after hitting the highest level since July 2011, industry data showed on Tuesday.
In a report, the German research institute, Ifo said its Business Climate Index declined to a seasonally adjusted 110.7 in March, below forecasts for 111.0 and down from a reading of 111.3 in February.
The Current Assessment Index rose to 115.2 this month, higher than expectations for 114.6 and up from 114.4 in February.
The Business Expectations Index, which measures attitudes toward business prospects over the next six months, dipped to 106.4 in March from 108.3 in the preceding month, missing forecasts for 107.6.
The monthly index is based on a survey of around 7,000 German firms in the manufacturing, construction, wholesale and retail sectors.
Following the release of the data, the euro held on to losses against the U.S. dollar, with EUR/USD shedding 0.07% to trade at 1.3831.
Meanwhile, European stock markets remained higher. The DJ Euro Stoxx 50 rose 0.65%, France’s CAC 40 picked up 0.8%, London’s FTSE 100 increased 0.85%, while Germany's DAX tacked on 0.75%.