Investing.com - The euro pushed higher against most of its major counterparts on Monday, buoyed by hopes for an agreement on a plan to address the region’s debt crisis at a key summit this week and after Italy unveiled a package of austerity measures.
During European late morning trade, the euro was up against the U.S. dollar, with EUR/USD rising 0.31% to hit 1.3433.
The euro found support after Italian Prime Minister Mario Monti announced a EUR30 billion package of austerity measures designed to reduce the euro zone’s second-biggest debt on Sunday, including measures to raise taxes and increase the pension age.
Earlier Monday, official data showed that retail sales in the euro zone rose more-than-expected in October, advancing 0.4% after a 0.6% decline the previous month.
Analysts had expected retail sales to rise 0.2% in October.
A separate report showed that investor confidence in the euro zone fell more-than-expected this month, remaining in negative territory for the fifth consecutive month.
The euro was slightly higher against the pound, with EUR/GBP easing up 0.07% to hit 0.8591.
Earlier in the day, U.K. data showed that service sector activity rose unexpectedly in November, advancing for the eleventh successive month although at a modest pace as incoming new business increased at the slowest rate of the year so far.
The Markit/CIPS Purchasing Managers' Index for the service sector rose to 52.1 in last month from 51.3 in October, confounding expectations for a dip to 50.5.
The single currency was stronger against the yen and the Swiss franc, with EUR/JPY climbing 0.34% to hit 104.79 and EUR/CHF adding 0.35% to hit 1.2381.
Elsewhere, the euro was almost unchanged against the Canadian, Australian and New Zealand dollars, with EUR/CAD dipping 0.03% to hit 1.3645, EUR/AUD inching down 0.01% to hit 1.3107 and EUR/NZD slipping 0.10% to hit 1.7209.
In Australia, industry data showed that job advertisements were flat in November while a separate report showed that company operating profits fell less-than-expected in the third quarter.
Later Monday, German Chancellor Angela Merkel was to hold talks with French President Nicolas Sarkozy to outline proposals for stricter enforcement of the region’s budget discipline that will be presented to European Union leaders at Friday’s summit.
In addition, the U.S. was to release government data on factory orders, while the Institute of Supply Management was to produce a report on service sector activity.
During European late morning trade, the euro was up against the U.S. dollar, with EUR/USD rising 0.31% to hit 1.3433.
The euro found support after Italian Prime Minister Mario Monti announced a EUR30 billion package of austerity measures designed to reduce the euro zone’s second-biggest debt on Sunday, including measures to raise taxes and increase the pension age.
Earlier Monday, official data showed that retail sales in the euro zone rose more-than-expected in October, advancing 0.4% after a 0.6% decline the previous month.
Analysts had expected retail sales to rise 0.2% in October.
A separate report showed that investor confidence in the euro zone fell more-than-expected this month, remaining in negative territory for the fifth consecutive month.
The euro was slightly higher against the pound, with EUR/GBP easing up 0.07% to hit 0.8591.
Earlier in the day, U.K. data showed that service sector activity rose unexpectedly in November, advancing for the eleventh successive month although at a modest pace as incoming new business increased at the slowest rate of the year so far.
The Markit/CIPS Purchasing Managers' Index for the service sector rose to 52.1 in last month from 51.3 in October, confounding expectations for a dip to 50.5.
The single currency was stronger against the yen and the Swiss franc, with EUR/JPY climbing 0.34% to hit 104.79 and EUR/CHF adding 0.35% to hit 1.2381.
Elsewhere, the euro was almost unchanged against the Canadian, Australian and New Zealand dollars, with EUR/CAD dipping 0.03% to hit 1.3645, EUR/AUD inching down 0.01% to hit 1.3107 and EUR/NZD slipping 0.10% to hit 1.7209.
In Australia, industry data showed that job advertisements were flat in November while a separate report showed that company operating profits fell less-than-expected in the third quarter.
Later Monday, German Chancellor Angela Merkel was to hold talks with French President Nicolas Sarkozy to outline proposals for stricter enforcement of the region’s budget discipline that will be presented to European Union leaders at Friday’s summit.
In addition, the U.S. was to release government data on factory orders, while the Institute of Supply Management was to produce a report on service sector activity.