NEW YORK (AP) -- The euro is rising sharply against the dollar after a closely watched survey on German business confidence rose unexpectedly.

Germany's Ifo institute says its key business climate figure rose to 101.4 points in November from 100 in October. Economists expected a drop to 99.5.

Currency trading is light on Friday as many traders take a long weekend after Thanksgiving Day. The stock market will close early Friday, at 1 p.m. EST.

The euro rose to $1.2980 in afternoon trading from $1.2883. The British pound rose to $1.6042 from $1.5937.

The dollar fell to 82.32 Japanese yen from 82.43 yen, to 0.9273 Swiss franc from 0.9351 Swiss franc and to 99.17 Canadian cents from 99.75 Canadian cents.