Euro falls to July 2020 lows as Germany’s business morale darkens
A picture illustration of U.S. dollar, Swiss Franc, British pound and Euro bank notes, taken in Warsaw January 26, 2011. REUTERS/Kacper Pempel
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London, Nov 24 (Reuters) – The euro fell on Wednesday after a survey showed German business morale deteriorated in November, while the Turkish lira remained under pressure as President Tayyip Erdogan defended rate cuts despite surging inflation.
German business sentiment worsened for the fifth month as supply challenges in manufacturing and a spike in coronavirus infections clouded the growth outlook for Europe’s largest economy. The Ifo institute said its business climate index fell to 96.5 from 97.7 in October. read more
The euro fell 0.3% to its lowest level since early July 2020 at $1.1205.
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“Sliding business expectations as COVID cases risk increasing levels of German…
