Investing.com - German business confidence rose to the highest level on record in October, suggesting momentum in the euro zone's biggest economy remains strong.
The Ifo German research institute said its Business Climate Index rose to a seasonally adjusted 116.7 this month from a reading of 115.3 in September, easily surpassing forecasts for a reading of 115.2.
The Current Assessment Index increased to 124.8 from 123.7 a month earlier and above expectations for 123.5.
The Business Expectations Index, which measures attitudes toward business prospects over the next six months, inched up to 109.1 this month from 107.5, beating forecasts for a reading of 107.3.
The monthly index is based on a survey of around 7,000 German firms in the manufacturing, construction, wholesale and retail sectors.
EUR/USD was at 1.1765 from around 1.1760 ahead of the release of the data, while EUR/GBP was at 0.8965 from 0.8960 earlier.
Meanwhile, European stock markets were mostly higher after the open. Germany's DAX rose 0.2%, he EURO STOXX 50 tacked on 0.2%, France’s CAC 40 inched up 0.3%, while London’s FTSE 100 shed 0.1%.