Investing.com – The euro extended gains against the U.S. dollar on Tuesday, rising to a three-week high, following reports that Germany could make concessions to facilitate a new bailout package for Greece.
EUR/USD hit 1.4424 during European late morning trade, the pair’s highest since May 9; the pair subsequently consolidated at 1.4403, surging 0.85%.
The pair was likely to find support at 1.4124, last Friday’s low and resistance at 1.4587, the high of May 6.
Earlier in the day, the Wall Street Journal reported that Germany may consider abandoning a push to reschedule Greek debt early, which may pave the way for Greece to receive a new package of financial aid.
The European Union is drafting a second bailout package for Greece to release vital loans next month and avert the risk of it defaulting after the International Monetary Fund said it would withhold the next tranche of aid to Greece in June unless the EU guaranteed to meet Athens' funding needs for next year.
The single currency shrugged off official data showing that consumer price inflation in the euro zone declined unexpectedly in May to a seasonally adjusted 2.7%. Analysts had expected CPI to remain unchanged at 2.8% in May.
The euro was also higher against the pound, with EUR/GBP rising 0.65% to hit 0.8724.
Later Tuesday, the U.S. was to publish industry data on house price inflation and consumer confidence, as well as an index of manufacturing activity in the Chicago area.
EUR/USD hit 1.4424 during European late morning trade, the pair’s highest since May 9; the pair subsequently consolidated at 1.4403, surging 0.85%.
The pair was likely to find support at 1.4124, last Friday’s low and resistance at 1.4587, the high of May 6.
Earlier in the day, the Wall Street Journal reported that Germany may consider abandoning a push to reschedule Greek debt early, which may pave the way for Greece to receive a new package of financial aid.
The European Union is drafting a second bailout package for Greece to release vital loans next month and avert the risk of it defaulting after the International Monetary Fund said it would withhold the next tranche of aid to Greece in June unless the EU guaranteed to meet Athens' funding needs for next year.
The single currency shrugged off official data showing that consumer price inflation in the euro zone declined unexpectedly in May to a seasonally adjusted 2.7%. Analysts had expected CPI to remain unchanged at 2.8% in May.
The euro was also higher against the pound, with EUR/GBP rising 0.65% to hit 0.8724.
Later Tuesday, the U.S. was to publish industry data on house price inflation and consumer confidence, as well as an index of manufacturing activity in the Chicago area.