Euro Stays Lower After German Confidence Declines to 26-Year Low

By Gavin Finch

March 25 (Bloomberg) -- The euro stayed lower against the dollar and the yen after German business confidence fell to a 26-year low in March.

The 16-nation currency traded at $1.3458 as of 9:05 a.m. in London, from $1.3468 yesterday in New York. The euro also weakened to 131.46 yen from 131.81 yen.

The Ifo institute in Munich said its business climate index, based on a survey of 7,000 executives, dropped to 82.1 from 82.6 in February. Economists expected a decline to 82.2, according to the median of 37 forecasts in a Bloomberg survey.

To contact the reporter on this story: Gavin Finch in London at gfinch@bloomberg.net