(Bloomberg) -- The euro held within a half-cent of the record against the dollar after Germany's Ifo institute said business confidence rose a second month in April, reinforcing expectations of higher European interest rates.
Investors increased bets on the European Central Bank raising borrowing costs in June after the report, which exceeded economists' estimates. The single currency has gained 2.1 percent against the dollar this month as traders speculated on the key rate reaching 4.25 percent this year from 3.75 percent now. ECB council member Miguel Fernandez Ordonez yesterday said the bank's monetary policy is ``still on the accommodative side.''
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