Banking and Finance
IFO survey strong but euro surrenders gains
THE week saw the major currencies break out of the ranges set in the previous weeks. The movements were sharp in almost all the major currencies, although there was very little significant economic data released during the week. Market expectations of a strong IFO business survey index in West Germany pushed the euro to the week's high of $ 0.9694. The euro could not sustain that level and after the release of the index for May and after the ECB left interest rates on hold, the euro experienced a setbac k to the $ 0.9354-level on Thursday. The Japanese yen continued to threaten to strengthen, sending jitters to the Japanese officials even as they gear up to face the general elections this Sunday.

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