Euro / dollar rises to highest price amid hopes of resolving the economic crisis

Euro / dollar rises to highest price amid hopes of resolving the economic crisis

The euro traded near its highest price in 11 months against the U.S. dollar on Monday, with the hopes of resolving the debt crisis in boosting demand for the single currency,

EUR / USD hit 1.3404 during European afternoon, the highest price for the pair since February 29 – February, the pair subsequently consolidated at 1.3350, gaining 0.06%.

The pair was likely to find support at 1.3247, its lowest price on Friday, and resistance at 1.3485, the highest price since February 29.

Continued demand for the euro after the head of the European Central Bank Mario Draghi said last week that a gradual recovery in the euro zone economy will begin this year.

Euro fell from session highs again after official data showed that industrial production in the region fell 0.3% in November, down for the third consecutive month, compared with expectations for an increase of 0.1%.

The euro rose near its highest level in nine months against the pound, with EUR / GBP gaining 0.54% to hit Z 0.8316 and steady at its highest level for nearly 20 Shahrah against the yen, with EUR / JPY up 0.10% to hit 119.11.

Continued expectations for further monetary easing measures by the Bank of strict Japan to cut the Japanese yen after Japanese Prime Minister Shinzo Abe’s central bank to adopt the 2% inflation target.

Meanwhile, investors awaited a speech Federal Reserve Chairman Ben Bernanke on monetary policy and the recovery of the global financial crisis later in the day, amid speculation that Federal Reserve Chairman will reduce the monetary easing policy ahead of time.