The euro edged slightly higher against the U.S. dollar late Thursday, after the U.S. currency posted gains earlier in the day following positive U.S. jobless and home sales data. During late trading yesterday, the euro rose slightly to $1.3470 from $1.3430 Wednesday.
The euro has been rising since late last week, hitting a nearly two-month high Wednesday, because investors have been expecting European leaders to take more aggressive steps to counter Europe's debt crisis. Recent successful bond auctions in Spain and Portugal reassured investors that the region's indebted governments could still raise money.
Looking ahead to today, the most important economic indicator scheduled to be released from Europe is the German Ifo Business Climate at 9:00 GMT. Traders will be paying close attention to today's announcement as a stronger than expected result may boost the EUR in the short-term. Traders should pay close attention to the market as there is an opportunity for traders to capitalize on the fluctuations which are likely to follow this release.