Investing.com - The euro rose to fresh session highs against the broadly weaker dollar on Tuesday as investors looked ahead to next week’s Federal Reserve meeting amid a dearth of economic data.
EUR/USD rose to highs of 1.3795, the strongest level since October 29 and was last up 0.29% to 1.3777.
The pair was likely to find support at 1.3693, Monday’s low and resistance at 1.3831, the high of October 25.
The euro has gained ground since the European Central Bank held back from implementing fresh monetary easing at its December meeting, after surprising investors with a rate cut in November.
In a speech on Tuesday, ECB President Mario Draghi urged governments to complete a banking union, saying it was crucial at both a national and European level.
Expectations that the Fed could begin rolling back its stimulus program as soon as next week were boosted after the latest U.S. nonfarm payrolls report showed that the U.S. economy added more jobs than expected in November, pushing the unemployment rate down to a five year low of 7.0%.
On Monday, St. Louis Fed President James Bullard said the prospect of tapering was more likely in the near future due to improvement in the labor market.
The euro was trading close to five year highs against the yen. EUR/JPY hit highs of 142.17, the loftiest level since October 2008, and was last down 0.14% to 141.68.
Elsewhere, the dollar pulled back from six month highs against the yen, with USD/JPY down 0.44% to 102.80 after rising as high as 130.39 earlier, the loftiest level since May 23.
EUR/USD rose to highs of 1.3795, the strongest level since October 29 and was last up 0.29% to 1.3777.
The pair was likely to find support at 1.3693, Monday’s low and resistance at 1.3831, the high of October 25.
The euro has gained ground since the European Central Bank held back from implementing fresh monetary easing at its December meeting, after surprising investors with a rate cut in November.
In a speech on Tuesday, ECB President Mario Draghi urged governments to complete a banking union, saying it was crucial at both a national and European level.
Expectations that the Fed could begin rolling back its stimulus program as soon as next week were boosted after the latest U.S. nonfarm payrolls report showed that the U.S. economy added more jobs than expected in November, pushing the unemployment rate down to a five year low of 7.0%.
On Monday, St. Louis Fed President James Bullard said the prospect of tapering was more likely in the near future due to improvement in the labor market.
The euro was trading close to five year highs against the yen. EUR/JPY hit highs of 142.17, the loftiest level since October 2008, and was last down 0.14% to 141.68.
Elsewhere, the dollar pulled back from six month highs against the yen, with USD/JPY down 0.44% to 102.80 after rising as high as 130.39 earlier, the loftiest level since May 23.