Investing.com – The euro was up against the U.S. dollar on Monday, surging to a 4-day high, after new regulations imposed by the Basel Committee on Banking Supervision were less strict than expected.
EUR/USD hit 1.2834 during late Asian trade, the pair’s highest since September 7; the pair subsequently consolidated at 1.2828, soaring 1.19%.
The pair is likely to find support at 1.2643, Friday’s low, and resistance at 1.2875, the high of September 7.
On Sunday, the Basel Committee on Banking Supervision agreed on new banking regulations aimed to prevent any repeat of the recent international credit crisis.
The new banking regulations put in place would require lenders to more than double capital requirements, but gave them up to eight years to comply.
The euro was also up the pound, with EUR/GBP gaining 0.37% to hit 0.8285.
Later in the day, European Central Bank President Jean-Claude Trichet was to speak at a press conference following the Committee on Banking Supervision meetings in Basel.
EUR/USD hit 1.2834 during late Asian trade, the pair’s highest since September 7; the pair subsequently consolidated at 1.2828, soaring 1.19%.
The pair is likely to find support at 1.2643, Friday’s low, and resistance at 1.2875, the high of September 7.
On Sunday, the Basel Committee on Banking Supervision agreed on new banking regulations aimed to prevent any repeat of the recent international credit crisis.
The new banking regulations put in place would require lenders to more than double capital requirements, but gave them up to eight years to comply.
The euro was also up the pound, with EUR/GBP gaining 0.37% to hit 0.8285.
Later in the day, European Central Bank President Jean-Claude Trichet was to speak at a press conference following the Committee on Banking Supervision meetings in Basel.