Euro rises against dollar on strong German data

The euro continued its rally against the US dollar on Tuesday supported by positive data from Germany, the largest economies of the euro zone.

In a report, the ZEW Centre for Economic Research said that its index of German economic sentiment for November came better than expected and rose by 11.5 points.

The euro was also supported after ECB President Mario Draghi reiterated that the European Central Bank was willing to implement additional stimulus measures.

In testimony to the European Parliament Mr. Draghi pointed to the continued weakness in inflation rates and the weak future outlook of growth in the euro zone, which could weigh on the euro.

The euro recorded its highest level against the dollar at 1.2540 levels.

The EURUSD pair is trading 0.51% to the upside around 1.2513 at 12:17 GMT.