Investing.com - German business confidence deteriorated less than forecast in July, as fears over Britain's vote to exit the European Union abated, industry data showed on Monday.
In a report, the German research institute, Ifo said its Business Climate Index dropped to a seasonally adjusted 108.3 this month from a reading of 108.7 in June, above forecasts for a decline to 107.5.
The Current Assessment Index increased to 114.7 in July from 114.6 a month earlier and beating expectations for 114.0.
The Business Expectations Index, which measures attitudes toward business prospects over the next six months, fell to 102.2 this month from 103.1 in June, compared to estimates for a reading of 101.2.
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 trading at 1.0971 from around 1.0968 ahead of the release of the data, while EUR/GBP was at 0.8355 from 0.8357 earlier.
Meanwhile, European stock markets were broadly higher. Germany's DAX tacked on 0.4%, the EURO STOXX 50 inched up 0.3%, France’s CAC 40 advanced 0.3%, while London’s FTSE 100 added 0.2%.