Investing.com - The euro rose against the yen on Monday, as while a German business confidence index missed expectations, it didn't plunge and came in close enough to bolster the single currency.
In U.S. trading on Monday, EUR/JPY hit 98.46, up 0.04%, up from a low of 98.32 and off a high of 98.72.
The pair sought to test support at 98.27, the low from Aug. 23, and resistance at 98.82, the high from Aug. 23.
German business confidence in August softened to its lowest level since March 2010.
German research institute Ifo reported earlier that its Business Climate Index came in at 102.3 for August, from a downwardly revised 103.2 in July, compared to market forecasts for a reading of 102.6.
The current assessment index fell less than analysts were expecting, dipping to 111.2 in August from 111.5 last month, slightly better than expectations for a reading of 110.8.
While the widely watched business climate index missed expectations, overall, a few analysts were expecting worse, which gave the euro room to rise.
The euro, meanwhile, was up against the pound and down against the Canadian dollar, with EUR/GBP trading up 0.02% at 0.7916 and EUR/CAD trading down 0.24% at 1.2387.
In U.S. trading on Monday, EUR/JPY hit 98.46, up 0.04%, up from a low of 98.32 and off a high of 98.72.
The pair sought to test support at 98.27, the low from Aug. 23, and resistance at 98.82, the high from Aug. 23.
German business confidence in August softened to its lowest level since March 2010.
German research institute Ifo reported earlier that its Business Climate Index came in at 102.3 for August, from a downwardly revised 103.2 in July, compared to market forecasts for a reading of 102.6.
The current assessment index fell less than analysts were expecting, dipping to 111.2 in August from 111.5 last month, slightly better than expectations for a reading of 110.8.
While the widely watched business climate index missed expectations, overall, a few analysts were expecting worse, which gave the euro room to rise.
The euro, meanwhile, was up against the pound and down against the Canadian dollar, with EUR/GBP trading up 0.02% at 0.7916 and EUR/CAD trading down 0.24% at 1.2387.