The euro approached a seven-week high versus the dollar after German business confidence fell less than some economists forecast, suggesting the region’s largest economy may withstand the sovereign-debt crisis. The euro strengthened against the yen after the Ifo institute said its business climate index dropped to 102.3 for August from 103.2 in July. The lowest prediction in a Bloomberg News survey was for a decline to 101. German Finance Minister Wolfgang Schaeuble will meet in Berlin today with his French counterpart Pierre Moscovici to discuss the debt turmoil. “Some in the market had expected a much worse report and that’s why the euro gained some ground� said Peter Rosenstreich, chief currency analyst at Swissquote Bank SA in Geneva. “The key number may be softer than expected, but it’s still a decent read, and is consistent with the economy that remains resilient. It’s not an absolute collapse.� The euro appreciated 0.1 percent to $1.2524 at 9:36 a.m. in London after rising to $1.2590 on Aug. 23, the strongest since July 4. The common currency climbed 0.2 percent 98.58 yen. The dollar was little changed at 78.71 yen. U.K. financial markets are shut today in observance of the Summer Bank Holiday. A new aid package for Greece “isn’t the right path� for solving the region’s debt crisis, Schaeuble said in an interview with Tagesspiegel am Sonntag published on the weekend. To contact the reporter on this story: Anchalee Worrachate in London at Aworrachate@bloomberg.net To contact the editor responsible for this story: Paul Dobson at pdobson2@bloomberg.net

Source