Investing.com - German business confidence improved to a three-month high in August, as temporary relief over Greece brightened the mood, industry data showed on Tuesday.
In a report, the German research institute, Ifo said its Business Climate Index rose to a seasonally adjusted 108.3 this month from a reading of 108.0 in July, beating forecasts for 107.7.
The Current Assessment Index improved to 114.8 in August, up from 113.9 in July and above expectations for 113.9.
The Business Expectations Index, which measures attitudes toward business prospects over the next six months, dipped to 102.2 this month from 102.3 in July, compared to estimates for a reading of 102.0.
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 1.1521 from around 1.1528 ahead of the release of the data, while EUR/GBP was at 0.7299 from 0.7307 earlier.
Meanwhile, European stock markets were broadly higher. Germany's DAX rallied 2.4%, the EURO STOXX 50 climbed 2.5%, France’s CAC 40 advanced 2.3%, while London’s FTSE 100 tacked on 2.2%.