During early European deals on Tuesday, euro reached new multi-day highs against dollar, yen and franc, as German economic sentiment rose more than expected in May, signaling the worst of the recession may have passed. On the other hand, 16-nation currency depreciated versus the UK sterling, falling to a 12-day low.
A jump in stock prices also boosted the European currency. European stocks rose on Tuesday, gaining ground for the fourth straight session, propelled by surging banking stocks such as Deutsche Bank, while investors braced for U.S. housing data.
Euro climbed to a 12-day high of 1.5167 against the Swiss franc during early European deals today, with 1.52 seen as the near term support. EUR/CHF pair was quoted as much as 1.5111 late on Monday in New York.
Euro, that closed yesterday’s North American deals at the level of 130.60 against yen, rose to a 6-day high of 131.87 early in Europe today. EUR/JPY rally would likely move up to 133.6 level further.
Euro, having yesterday’s trading closed at 1.3562 level against the dollar, surged to a 5-day high of 1.3658 during early European deals on Tuesday. 1.372 was seen as the next upside target for EUR/USD.
However, euro lost ground against the pound, slipping to a 12-day low of 0.8788 early in Europe today, compared to Monday’s closing value of 0.8839. On the downside, euro was to find resistance around 0.8767 level.
