Investing.com – The euro extended its rally against the U.S. dollar on Thursday, after official data showed that China's exports surged nearly 50% in May, quelling fears that Europe's debt crisis will hamper the global recovery.
EUR/USD hit 1.2046 during late Asian trade, advancing 0.55%. The pair was likely to find resistance at 1.2354, the high of June 1, and support at 1.1876, Monday's low and a 4-year low.
Earlier in the day, China's customs agency said exports jumped 48.5% in May, as imports grew 48.3%, shooting past most forecasts and producing a trade surplus of USD 19.5 billion.
The single European currency also climbed versus sterling on Thursday, with EUR/GBP rising 0.26% to reach 0.8265.
Later Thursday, the European Central Bank was set to make a key interest rate decision after which it will hold a press conference. The ECB was then due to hold a press conference, at which senior officials would shed light on the decision.
The U.S., meanwhile, was scheduled to publish data on its trade balance and release closely watched weekly data on initial jobless claims.
EUR/USD hit 1.2046 during late Asian trade, advancing 0.55%. The pair was likely to find resistance at 1.2354, the high of June 1, and support at 1.1876, Monday's low and a 4-year low.
Earlier in the day, China's customs agency said exports jumped 48.5% in May, as imports grew 48.3%, shooting past most forecasts and producing a trade surplus of USD 19.5 billion.
The single European currency also climbed versus sterling on Thursday, with EUR/GBP rising 0.26% to reach 0.8265.
Later Thursday, the European Central Bank was set to make a key interest rate decision after which it will hold a press conference. The ECB was then due to hold a press conference, at which senior officials would shed light on the decision.
The U.S., meanwhile, was scheduled to publish data on its trade balance and release closely watched weekly data on initial jobless claims.