Forexpros - German business confidence declined more-than-expected in August, amid ongoing concerns over the euro zone's sovereign debt crisis, industry data showed on Wednesday.
In a report, the German research institute, Ifo said its Business Climate Index fell to a seasonally adjusted 108.7 in August. Analysts had expected the index to decline to 111.0.
The Current Assessment Index fell to 118.1 from 121.4 last month, disappointing expectations for a mild decline to 119.8.
The Business Expectations Index dropped to 100.1 from 105.0 in July, more than the expected decline to 102.8.
Following the release of the data, the euro was down against the U.S. dollar, with EUR/USD shedding 0.21% to hit 1.4410.
Meanwhile, European stock markets were higher after the open. The EURO STOXX 50 climbed 0.5%, France's CAC 40 rose 0.8%, the FTSE 100 was up 0.1%, while Germany's DAX advanced 0.8%.