BRUSSELS (Alliance News) - The euro climbed against most major currencies in the European session on Friday as data showed that German business confidence rose more-than-expected in November, indicating a progressive improvement in the Europe's largest economy. The survey results from the Ifo Institute revealed today that the headline business climate index rose to 109.3 in November from 107.4 in October. Economists had forecast an increase to 107.7. The current conditions index scored 112.2 during the month, up from 111.3 in October. The expected score was 111.5. The European Central Bank must act for the euro area as a whole in line with its mandate, ECB President Mario Draghi said in remarks at the European Banking Congress in Frankfurt am Main today. He said that the monetary policy always has side effects, which is "inherent and unavoidable". "Low interest rates can over time threaten financial stability, but we do not see any evidence of this at present," Draghi added. The euro appreciated to a 2-day high of 1.3526 against the greenback and its bull run above the 1.358 mark may help it to touch highest level set on November 1. The next possible resistance for the euro-greenback pair lies around the 1.366 mark. The euro rose by 0.4 percent to 0.8347 against the Sterling, bouncing off from new 2-week low of 0.8316 hit in Asian trading. If the euro advances further, it may aim resistance at the 0.845 level. The euro rallied to 136.75 against the Japanese yen, its strongest level since October 2009. Further bullish trend could lead the euro to face resistance around the 138.00 zone. In the monthly economic report released today, the Bank of Japan affirmed earlier view that the economy is recovering moderately. The central bank, however, slightly upgraded its assessment of global economy, saying "overseas economies are picking up moderately, although a lackluster performance is partly seen." On the flip side, the euro eased from early high of 1.2323 against the Swiss franc, with pair trading at 1.2311 around 4:50 am ET. The minimum exchange rate will remain a necessary instrument for the foreseeable future, Swiss National Bank Governing Board member Fritz Zurbruegg said Thursday. "With interest rates at zero, the minimum exchange rate prevents an undesired tightening of monetary conditions in the event that the upward pressure on the Swiss franc should intensify once again," he said during a speech at an event in Geneva.

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