The euro gained 1 cent against the dollar after Germany’s Ifo business confidence index unexpectedly rose, strengthening the argument for the European Central Bank to keep interest rates high to curtail inflation, Bloomberg reported.

The British pound fell against the dollar after this month’s Bank of England meeting signaled that policy-makers remain hesitant to lower interest rates during a period of accelerating inflation. Australia’s dollar reached a 24-year high against the U.S. currency as crude oil climbed above $130 a barrel.

The euro rose to $1.5749 as of 9:19 a.m., from $1.5646 yesterday. It touched 80.256 pence against the British pound, the highest since April 24, from 79.490 yesterday, and rose to 162.99 yen, from 162.22. The yen was little changed at 103.52 per dollar, from 103.68.

The Munich-based Ifo Institute for Economic Research said its index, based on a survey of 7,000 executives, increased to 103.5, from 102.4 in April. Economists had predicted a decrease to 102, according to the median of 44 forecasts in a Bloomberg News survey. Germany is the biggest economy in the euro region.