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Optimism continued on Friday trading as upbeat reports from Germany and U.S. yesterday in addition to the approval of Greece's second bailout earlier this week enhanced demand on riskier assets ahead of G20 meeting in the weekend and EU Summit next week.
The euro climbed to 2-1/2 month high versus the U.S. dollar after a robust German business confidence report yesterday which showed that IFO business climate index rose for the fourth straight month to seven-month high at 109.6 in February from 108.3 in January.
In the U.S., initial jobless claims for the week ended February 18 lingered at 351,000, to continue the wave of upbeat data.
Data from Germany released today showed that fourth quarter GDP remained unrevised at 1.5%, in line with median estimates.
Meanwhile, the EUR/USD pair is trading around 1.3415 after it rebounded from a low of 1.3355, while the day's high was recorded at 1.3418, where the pair's breach to SMA 100 around 1.3305 paved the way for today's rally.
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The trading range for today is among key support at 1.3140 and key resistance at 1.3550.
The U.S. dollar, on the other hand, fell for the second day against a basket of major currencies as it slipped to 78.50 after falling to a low of 78.47, according to the six-currency gauge the dollar index.
Against the yen, the greenback rose to 7-1/2 month high to trade around 80.52, where the day's high was seen at 80.65 while the low was touched at 79.91.
The trading range for today is among key support at 78.90 and key resistance now at 81.65.
Moving to the British pound, it advanced versus the greenback following the general sentiment in the market.
Data from the U.K. released today showed that fourth quarter GDP remained unrevised at -0.2%, in line with median estimates.
The GBP/USD is in the meantime trading around 1.5805 after touching a high of 1.5818 and a low of 1.5719, where the trading range for today is among key support at 1.5460 and key resistance at 1.5925.
On the weekend, eyes will track G20 meeting which will probably tackle IMF fund to combat debt crisis, while the EU summit taking place in Brussels on March 1 is predicted to discuss conditions need to be met by Greece by Feb. 29 to get the bailout.
