Investing.com – The euro surged to a 7-week high against the U.S. dollar on Thursday, as fears over a slowdown in the globally economic recovery abated.
EUR/USD hit 1.2688 during late Asian trade, the pair's highest since May 21; the pair subsequently consolidated at 1.2656, gaining 0.17%.
The pair was likely to find support at 1.2479, the low of July 6, and resistance at 1.2802, the high of May 11.
Earlier in the day, the International Monetary Fund revised up its world growth forecast after stronger-than-expected growth in the year's first half and said governments needed to shore up shaky public confidence in the strength of the recovery.
On Europe, the IMF said governments must resolve uncertainty about the banking sectors exposure to sovereign debt and other risks and make sure lenders have enough capital and markets have adequate liquidity.
The euro was also up against the yen, with EUR/JPY gaining 0.73% to hit 111.63.
Later Thursday, the U.S. was to publish key data on initial jobless claims, while the European Central Bank was to announce its benchmark interest rate.
EUR/USD hit 1.2688 during late Asian trade, the pair's highest since May 21; the pair subsequently consolidated at 1.2656, gaining 0.17%.
The pair was likely to find support at 1.2479, the low of July 6, and resistance at 1.2802, the high of May 11.
Earlier in the day, the International Monetary Fund revised up its world growth forecast after stronger-than-expected growth in the year's first half and said governments needed to shore up shaky public confidence in the strength of the recovery.
On Europe, the IMF said governments must resolve uncertainty about the banking sectors exposure to sovereign debt and other risks and make sure lenders have enough capital and markets have adequate liquidity.
The euro was also up against the yen, with EUR/JPY gaining 0.73% to hit 111.63.
Later Thursday, the U.S. was to publish key data on initial jobless claims, while the European Central Bank was to announce its benchmark interest rate.