Investing.com - The euro pushed higher against the dollar on Monday after results of stress tests on Europe’s largest banks showed that most of the region’s top lenders have enough capital to survive another financial crisis.
EUR/USD touched highs of 1.2714 and was last up 0.18% to 1.2691.
The European Central Bank announced the results of yearlong tests to assess the finances of 150 banks on Sunday. Overall, 25 banks were found to have a capital shortfall, but most have already taken steps to resolve this, the ECB said.
In total, 13 banks still need to come up with a total of €9.5 billion in extra capital, which was at the lower end of market expectations.
Investors were looking ahead to the Ifo report on German business sentiment due out later in the day amid lingering concerns over the outlook for the global economy.
The euro was boosted on Friday after the forward looking Gfk index of German consumer climate ticked up to 8.5 for November from a revised 8.4 in October.
The index had fallen sharply in the preceding two months as concerns over geopolitical risks and the ensuing economic slowdown weighed.
The euro eased up to more than two-week highs against the yen, with EUR/JPY touching highs of 137.24.
Elsewhere, the dollar was lower against the yen, with USD/JPY slipping 0.12% to 108.00.