News: FOREX-Euro ticks up as German business survey pares recession fears

• Euro gets a boost as IFO survey data beats forecast
• Yen hovers below six-week highs vs dollar
• U.S. yield curve stays mildly inverted for second session
• Graphic: World FX rates in 2019 http://tmsnrt.rs/2egbfVh

(Updates to late U.S. market action)

The euro gained on Monday as a stronger-than-forecast German business confidence survey allayed some fears about a recession and pulled the safe-haven yen from a six-week high against the dollar.

Financial markets around the globe were roiled on Friday, stemming from anxiety about an economic downturn after the U.S. yield curve inverted, with the 10-year yield dropping below the three-month bill rate. Those fears stoked a dumping of stocks and other growth-oriented assets and a rush into the yen, gold, U.S. and German government debt and other perceived low-risk investments.

A yield curve inversion has preceded every U.S. recession in the past 50 years.

"On Friday we were looking into the abyss," said Marc Chandler, chief market strategist at Bannockburn Global Forex LLC in New York. "Today we are taking a step back."

Trader sentiment stabilized after Germany's IFO Institute said its business climate index rose to 99.6, beating a consensus forecast of 98.5 and ending six consecutive months of decline.

The IFO data briefly lifted German 10-year yields DE10YT=RR into positive territory and helped European shares. They also buoyed the euro, which rose 0.2 percent to a session-high of $1.13315 EUR=EBS .

Against the yen, the single currency at one point surged 0.46 percent to a high of $124.81 EURJPY=EBS , having traded as low as 123.875 earlier.

It is unclear whether the mild bounce in the euro and emerging market currencies will be sustained as traders remain wary with the U.S. yield curve inversion persisting for a second trading session, analysts said.

"I wouldn't say the dash for safe assets is over. The tone of general risk-off sentiment will prevail for a while but not to the same extent (as Friday)," Commerzbank strategist Ulrich Leuchtmann said, noting a recession was unlikely in the near term in the euro zone or the United States.

As for the greenback, it was 0.15 percent lower against a basket of currencies .DXY . It did not react much to U.S. Attorney General William Barr's announcement that U.S. Special Counsel Robert Mueller found no evidence of collusion between Russia and President Donald Trump's 2016 election campaign team.

The dollar JPY=EBS was little changed at 109.935 yen after the yen hit a six-week high of 109.7 per dollar earlier on Monday.

The British pound recovered somewhat from earlier losses against the dollar and euro GBP=D3 EURGBP=D3 as the UK parliament prepared to try and wrest control of the Brexit process in a series of votes planned for later in the day

 . 
	Sterling was down 0.24 percent at $1.318 and the euro was 

0.43 percent stronger at 85.9 pence in late U.S. trading.

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	Currency bid prices at 2:43PM (1843 GMT) 

 Description	  RIC		 Last		   U.S. Close  Pct Change	 YTD Pct	 High Bid	Low Bid 
											  Previous				   Change				  
											  Session											
 Euro/Dollar	  EUR=		$1.1321		$1.1312	 +0.08%		 -1.29%	  +1.1332	 +1.1285 
 Dollar/Yen	   JPY=		109.9100	   109.9100	+0.00%		 -0.32%	  +110.2300   +109.7200 
 Euro/Yen		 EURJPY=	 124.44		 124.21	  +0.19%		 -1.41%	  +124.8100   +123.9000 
 Dollar/Swiss	 CHF=		0.9916		 0.9935	  -0.19%		 +1.04%	  +0.9949	 +0.9910 
 Sterling/Dollar  GBP=		1.3180		 1.3209	  -0.22%		 +3.32%	  +1.3245	 +1.3161 
 Dollar/Canadian  CAD=		1.3409		 1.3424	  -0.11%		 -1.67%	  +1.3444	 +1.3399 
 Australian/Doll  AUD=		0.7109		 0.7082	  +0.38%		 +0.85%	  +0.7116	 +0.7066 
 ar																							  

 Euro/Swiss	   EURCHF=	 1.1224		 1.1228	  -0.04%		 -0.27%	  +1.1256	 +1.1223 
 Euro/Sterling	EURGBP=	 0.8587		 0.8555	  +0.37%		 -4.42%	  +0.8598	 +0.8543 
 NZ			   NZD=		0.6913		 0.6875	  +0.55%		 +2.92%	  +0.6918	 +0.6872 
 Dollar/Dollar																				   

 Dollar/Norway	NOK=		8.5330		 8.5537	  -0.24%		 -1.22%	  +8.5745	 +8.5155 
 Euro/Norway	  EURNOK=	 9.6606		 9.6707	  -0.10%		 -2.48%	  +9.6853	 +9.6384 
 Dollar/Sweden	SEK=		9.2351		 9.2703	  -0.22%		 +3.03%	  +9.2845	 +9.2133 
 Euro/Sweden	  EURSEK=	 10.4566		10.4792	 -0.22%		 +1.87%	  +10.4826	+10.4280 
	 
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GRAPHIC: U.S. yield curve inverts for first time since 2007	http//tmsnrt.rs/2UNVc1P 

GRAPHIC: IFO German business sentiment vs euro http//tmsnrt.rs/2WksPst

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