German Chancellor Angela Merkel signaled in a speech in Singapore that the European Union is committed to its single currency, where Merkel said that the problem in Europe is not the euro, but rather the debt crisis, since markets are concerned that some European countries won't be able to contain rising fiscal problems.

Merkel also said that the outlook for growth in Germany is very positive, while Merkel signaled that the euro remains strong against the U.S. dollar, where she said that the strength of the euro is hurting exports.

The Euro gained against the U.S. dollar after Merkel's comments, where the EUR/USD pair was trading at $1.4376, compared with the opening level at $1.4356.