Euro Extends Advance Versus Dollar After German Ifo Index Rises

Feb. 22 (Bloomberg) -- The euro extended gains versus the dollar and the yen after an index of German business confidence improved more this month than economists forecast.

The euro strengthened 0.3 percent to $1.3233 at 9:07 a.m. London time. The common currency rose 0.7 percent to 123.62 yen.

The Ifo institute in Munich said its business climate index, based on a survey of 7,000 executives, climbed to 107.4 from 104.3 in January. Economists predicted an increase to 104.9, according to a Bloomberg News survey.

To contact the editor responsible for this story: Nicholas Reynolds at nreynolds2@bloomberg.net