The euro was firmer against the dollar Friday after a stronger-than-expected reading of German business sentiment, while European stocks wavered.
The euro was fetching $1.3517 from $1.3482 late Thursday in New York, having risen as high as $1.3528 after data showed that German business sentiment rebounded sharply in November. The Ifo institute's business confidence index rose to 109.3, compared with expectations for a reading of 107.7.
"German economic growth is clearly the last thing we have to worry about," said Carsten Brzeski at ING. "The German economy is cruising along smoothly."
In equity markets, the main European benchmark indexes flitted between small gains and losses as U.S. futures flatlined, suggesting a subdued open on Wall Street. Changes in futures don't always accurately predict early market moves after the opening bell.
On Thursday, the Dow Jones Industrial Average closed above 16000 for the first time ever, as stock investors welcomed signs that Janet Yellen is moving a step closer to becoming the next Federal Reserve leader. The Senate Banking Committee voted to approve Ms. Yellen's nomination to become Fed chairwoman next year, sending her name to the full Senate for a final confirmation vote after its two-week Thanksgiving break.
In corporate news, stocks in Novartis AG NOVN.VX +1.52% rose after the Swiss drug maker said it would buy back shares worth $5 billion as it seeks to deliver stronger shareholder returns.
Tullow Oil TLW.LN +1.41% PLC shares were also higher after the company said it has made an oil discovery in Kenya.
The Eurogroup—comprising finance ministers from euro-zone member states—is due to meet later Friday to discuss the European Commission's opinions on governments' draft budgets and whether they comply with the country-specific recommendations adopted in July.
