Investing.com - German business confidence improved more than expected in June, hitting an all time high, indicating that momentum in the euro zone's biggest economy remained strong at the start of the second half of the year, a survey showed on Monday.
The Ifo economic institute said its business climate index rose to 115.1 this month from a reading of 114.6 in May, above forecasts for 114.4.
The current assessment index rose to 124.1 from 123.3 a month earlier, against expectations for an unchanged reading.
The business expectations index, which measures attitudes toward business prospects over the next six months, ticked up to 106.8 from 106.5, surpassing forecasts for a reading of 106.4.
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 1.1196 from around 1.1200 ahead of the release of the data, while EUR/GBP was at 0.8781 from 0.8783 earlier.