Euro rises to fresh three-week high after German IFO

LONDON Fri Nov 23, 2012 4:20am EST

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LONDON Nov 23 (Reuters) - The euro rose to a three-week high against the dollar while European stocks trimmed losses on Friday after German IFO numbers showed a surprise improvement in business sentiment.

The euro touched a fresh three-week high of 1.2913 from $1.2880 before the data and breaking through resistance level of $1.2910, its 55-day moving average, after data showed the German business climate index had risen to 101.4 in Novemeber.

The pan-European FTSEurofirst 300 trimmed losses after the data to trade down 0.2 percent at 1,101.35 points, off a session low of 1,100.51.

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