Climbing to an early morning high of 1.2966 after an extremely positive German Ifo Business climate reading of 106.2, the euro has been getting pummeled ever since.

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In Germany the Ifo Business Climate Index, compiled by a research institute at the University of Munich, dropped to 111.1 from 111.3, according to a news release Friday.

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Germany's Ifo business-climate index recovered in November from its sharp fall of the previous month.

ECONOMIST: Overview | The

After falling for four consecutive months, the Ifo business-climate survey rose in June.

ECONOMIST: Overview

The report on the Ifo business-climate index, which showed a climb to 107.4 this month from 104.3 in January, helped boost US stocks early Friday.

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There was some positive news out of economic powerhouse Germany today when the Ifo Institute released a Business Climate reading that improved to 106.7.

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Both developments put a more positive spin on Germany as a business location than it has enjoyed for a while, and offset somewhat the news that during June the business climate index measured by the Ifo Institute for Economic Research fell by an unexpectedly dramatic 1.4 points.

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The Ifo Institute said its sentiment index of the German business climate fell to 100 in October from 101.4 in September.

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In Ifo's monthly survey, about 7, 000 companies are asked for their views of the current business climate and their outlook over the coming six months.

BBC: NEWS | Business | German confidence at two-year low