EUR/USD Edges Higher to 1.2440 after German Data

The euro rose against the dollar and yen on Monday due to encouraging German business data and remarks from a top European Central Bank official that cast doubts on whether the bank will take aggressive stimulus measures in the near future.

As the euro rebounded from a near two-year low against the greenback, the dollar index pulled back from a near 4-1/2-year high set earlier in the day. The Japanese market was closed on Monday for a holiday.

A stronger-than-expected German business survey for November offered hope that Europe’s largest economy was gaining momentum after narrowly avoiding a recession last quarter.

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