German Ifo Institute released its business confidence index on Friday. German business confidence index climbed to 108.6 in April from 107.9 in March, exceeding expectations for a rise to 108.5. It was the sixth consecutive increase.

"The upswing in the German economy continues," Ifo President Hans-Werner Sinn said.

He added that manufacturers "expressed slightly less optimism about future business developments".

The Ifo current conditions index rose 113.9 in April from 112.1 in March, beating forecasts for an increase to 112.4.

The Ifo expectations index declined to 103.5 in April from 103.9 in March, missing expectations for a gain to 104.5.