Euro rallies after German business confidence falls less than forecast

The euro gained against the majority of major currencies after German business confidence fell less than some economists forecast, suggesting the region’s largest economy can withstand the sovereign-debt crisis.

The 17-nation currency traded near a seven-week high against the dollar after German finance minister Wolfgang Schaeuble said Germany and France will create a working group to enhance the region’s fiscal and monetary union.

Sweden’s krona appreciated against all of its 16 major counterparts after retail sales increased more than forecast.