Euro gaining on the Dollar (AP) (26-03-2008)

BERLIN (AP) -- The euro gained ground against the U.S. dollar Wednesday after the unexpectedly strong business confidence reading in Germany.

The euro rose as high as US$1.5729 in morning European trading, up from US$1.5596 in New York late Tuesday.

Germany's IFO institute reported that business confidence in Germany rose for a third consecutive month, defying economists' expectations of a decline.

The dollar already had been under the burden of a weakening U.S. consumer confidence, while a major housing index showed the sharpest price decline in more than two decades.

In other trading Wednesday, the British pound rose to US$2.0081 from US$2.000. The dollar fell back under 100 Japanese yen, declining to 99.30 yen from Tuesday's level of 101.01 yen.

Source AP