The euro was lower in European trading Wednesday as markets looked to the release of the Ifo index, which measures business sentiment in Germany, Europe's biggest economy. The 15-nation euro bought US$1.5641 in morning trading, below the US$1.5669 in late New York trading Tuesday. In other currencies, the British pound bought US$1.9630 compared with the US$1.9677 it bought Tuesday. Meanwhile, the dollar bought 103.34 Japanese yen compared with 104.17 yen it bought Tuesday. Germany's Ifo business climate index was due out Wednesday morning. Oil and gas prices have hit a string of records recently, compounding inflation fears around the world.
