Euro rose to the highest level in more than three weeks against the dollar and the U.K. pound after an industry survey showed German business confidence unexpectedly increased in May. Experts in London said: “ifo obviously shows the German economy is very resilient and is in a much better position than the rest of the world and the Euro will appreciate again and start hitting new all-time highs on the back of the resilience of the German economy.'' The Euro climbed to $1.5717 from $1.5646 yesterday. It also advanced to 79.97 pence per pound from 79.49. Yen climbed to 103.37 per dollar from 103.68.
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