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.