Euro Gains Second Day Versus Dollar on German Ifo; Yen Advances
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The euro strengthened for a second day against the dollar after an industry report showed German business confidence unexpectedly increased in May, adding to optimism the region’s biggest economy is improving.
The 17-nation currency extended its biggest weekly advance in seven weeks as a separate report forecast German consumer sentiment will improve in June. The yen extended its biggest weekly gain versus the dollar since June after Bank of Japan Governor Haruhiko Kuroda said the central bank had announced sufficient monetary easing. Australia’s dollar weakened against all of its 16 major counterparts as HSBC Holdings and Goldman Sachs Group Inc. predicted it would weaken.