A survey conducted by the German IFO Institute revealed that German companies expect the total number of employees to continue to decline, although employment expectations improved slightly in May after the collapse the previous month as a result of the closure measures taken to curb its spread in the country.
The institute's employment index rose slightly to 88.3 points from 86.3 in April, supported by improved morale in the services and trade sectors.
The positive points were in the areas of business, tax consultancy and auditing, as companies within German territory sought to hire new employees, as well as both food and bicycle retail sales.
At press time, the German index DAX 30 rose by 1.67 percent at 11,699.49 points.
EUR/USD pair traded higher for a second straight session at 1.1021, the highest
since April 1, as the EU nears agreement over a recovery fund to bolster growth
after the corona crisis.