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German confidence rises
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August 19, 1999: 5:11 a.m. ET
Survey indicates German businesses are more optimistic
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LONDON (CNNfn) - Further evidence the gray skies have lifted over Europe's biggest economy provided a boost for the European currency Thursday.
The euro gained almost a half-cent to $1.0524 after the Munich-based Ifo economics institute released the widely-watched West German business climate figures for July.
The figures were slightly stronger than had been expected, with the business confidence index reaching 93.6, up from 92.9 in June.
Deutsche Bank economist Manuela Prüschel told Reuters, "It's a good result and fits in with our picture…it's especially noteworthy that business expectations have risen considerably, which gives us hope for the future economic development in Germany."
Last week's report on German industrial production showed it was unchanged in July from the month before.
In eastern Germany, Ifo's business climate index slipped to 104.3 in July from 105.2 in June. 
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Ifo Institute
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