Euro up in Asia after German business survey

Euro up in Asia after German business survey

The euro firmed against major currencies in Asian trade Friday thanks to an upbeat German business confidence survey and improving investor sentiment about Greece.

The common currency was trading at $1.3374 and 107.12 yen in Tokyo trade, compared with $1.3369 and 106.94 late Thursday in New York.

The greenback stood at 80.11 yen in Friday trade, compared with 79.98.

Noriaki Murao, a senior dealer at Bank of Tokyo-Mitsubishi UFJ in New York, said Thursday's better-than-expected German business survey had lifted the single currency.

"It's true we're still a bit concerned about Greece's problems but in general, it's likely that Athens can avoid a disorderly default," Murao told Dow Jones Newswires.

The Ifo index - a key barometer of corporate confidence in Germany - hit its highest level in seven months in February due to strong domestic demand, which has largely shielded Europe's biggest economy from the eurozone crisis.

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