Dollar slides against euro as German business confidence rises (AFP)
AFP - The dollar fell against the euro, primarily as the European currency benefitted from robust German business confidence figures, traders said.
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German investor confidence unexpectedly rises (AP)
2008.08.193 minutes ago
BERLIN - German investor confidence recovered from its 16-year low in August, rising unexpectedly by 8.4 points as fears of an economic downturn in Europe's biggest economy appeared to moderate, a key survey released Tuesday found.
The Center for Economic Research's monthly index, which measures investors' expectations for Europe's largest economy over the next six months, rose to negative 55.5 points in August from negative 63.9 points in July, the Mannheim-based group said. Though the figure improved, it remained well below the historical average of 28.3 points.
The so-called ZEW index said that the improved sentiment among investors signaled that there was "only limited fear about an economic downturn among the financial market experts." It added that the recent declines in oil prices and a weaker euro helped to mitigate "concerns about the economic situation in Germany."
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