Investing.com - German business confidence improved to the highest level on record in May, suggesting the euro zone's biggest economy was gaining momentum, industry data showed on Tuesday.
The Ifo German research institute said its Business Climate Index rose to a seasonally adjusted 114.6 this month from a reading of 113.0 in April, above forecasts for 113.1.
The Current Assessment Index increased to 123.2 in May from 121.4 a month earlier and beating expectations for 121.2.
The Business Expectations Index, which measures attitudes toward business prospects over the next six months, inched up to 106.5 this month from 105.2, surpassing forecasts for a reading of 105.4.
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 1.1258 from around 1.1252 ahead of the release of the data, while EUR/GBP was at 0.8669 from 0.8667 earlier.
Meanwhile, European stock markets were broadly higher after the open. Germany's DAX rose 0.4%, he EURO STOXX 50 tacked on 0.6%, France’s CAC 40 inched up 0.7%, while London’s FTSE 100 added 0.3%.