Euro Extends Weekly Advance as German Confidence Climbs

Euro Extends Weekly Advance as German Confidence Climbs

The euro extended a weekly advance against the dollar after German business confidence unexpectedly increased to a nine-month high in April.

The shared currency rose for a fourth straight day against the yen amid speculation Group of 20 officials meeting with the International Monetary Fund today will step up efforts to quell Europe’s debt crisis. Japan’s currency was set for a weekly decline against the dollar on bets its central bank will add to monetary easing at its meeting on April 27. IMF Managing Director Christine Lagarde said yesterday she expects more contributions in her campaign for bigger resources.

“A strong Germany helps the euro massively, and helps other assets too,” said Neil Jones, head of European hedge-fund sales at Mizuho Corporate Bank Ltd. in London. “Inward investment and commercial transactions into Germany are a core reason why euro is holding up well.”

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