Reuters: US Dollar Report: German business morale rises more than expected in May

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German business morale rises more than expected in May May 24th 2013, 08:10 BERLIN | Fri May 24, 2013 4:10am EDT BERLIN May 24 (Reuters) - German business morale rose far more than expected in May, rebounding after two consecutive falls and suggesting Europe's largest economy is picking up steam after posting anaemic growth in the first quarter. The Munich-based Ifo think tank said on Friday its business climate index, based on a monthly survey of some 7,000 firms, rose to 105.7 in May from 104.4 in April. That compared with a median forecast in a Reuters poll of 40 economists for the business climate index to climb to 104.5 and beat even the highest forecast for 105.5. The data sent the euro higher against the dollar to a session high of $1.2959 and prompted German bund futures to pare gains.

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