Resilient data, official's remarks boost euro

The euro resumed its upward march Tuesday, bolstered by a stronger-than-expected reading of German economic sentiment and upbeat remarks on the country's economic outlook by a top European Central Bank official.

The euro gained ground after data from Germany's Center for European Economic Research, or ZEW, saw the euro hit new session highs. The ZEW said its headline German economic indicator rose to a minus 32 in March from a reading of minus 39.5 in February, beating expectations for a decline to minus 40.

Extending the euro's gains were remarks by German Bundesbank President Axel Weber, who is also a member of the European Central Bank's rate-setting governing council. He said German economic growth for 2008 would likely come in near potential.

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- Posted: 2008-03-11 10:31:52

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