The European unit came under pressure on Tuesday as the US dollar recovered sharply amid escalating political worries about a potential military conflict in Ukraine and with all focus turning towards the upcoming Fed policy decision. EUR/USD fell below 1.1300 mark for the first time in nearly three weeks and is currently trading at 1.1282. Meanwhile, German business confidence improved in January as companies expect the disruptions from the Omicron variant to ease in coming months, survey results from the ifo Institute showed on Tuesday. The business climate index rose to 95.7 in January from revised 94.8 in the previous month. The reading was forecast to remain unchanged at 94.7. The current situation index came in at 96.1, down from 96.9 in December. Meanwhile, the expectations index advanced to 95.2 in January from 92.7 in the previous month. The expected score was 93.0.
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