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Euro Climbs As EU Reaches Deal On ECB Supervisory Mechanism

23:28, 12th December 2012

(RTTNews) - In the Asian session on Thursday, the European currency advanced against other major currencies amid reports that the European Union countries have finalized an agreement to confer the role of principal banking supervisor to the European Central Bank.

The supervisory mechanism will be operational by the end of 2014. As per the deal, ECB will be overseeing around 200 banks.

The decision came ahead of the EU finance ministers' meeting in Brussels on December 13 and 14.

The euro hit a 1-week high of 0.8108 against the pound, adding 0.12 percent from Wednesday's close of 0.8098. On the upside, the euro is likely to seek 0.815 as next target level.

Erasing an early low, the euro edged up against the Swiss franc with pair trading at 1.2116. The euro is likely to find next upside target level at 1.22.

Against the greenback, the euro gained to 1.3082 with 1.315 seen as the next upside target level. On Wednesday, the pair closed deals at 1.3075.

The euro strengthened to more than an 8-month high of 109.41 against the yen. This is up 0.05 percent from yesterday's closing value of 108.87. If the euro firms further, it is likely to break 111.00 level.

The euro strengthened to a 1-week high of 1.2403 against the aussie with 1.245 likely seen as the next upside target level. The pair closed Wednesday's deals at 1.2392.

The total number of new motor vehicle sales in Australia was unchanged on month in seasonally adjusted terms in November, the Australian Bureau of Statistics said, coming in at 95,748.

That follows the downwardly revised 2.8 percent contraction in October

Swiss producer & import prices for November, SECO economic forecasts for December and ECB monthly report are due in the European session.

Swiss national bank is due to announce interest rate decision at 3:15 am ET. The bank is forecast to retain interest rates at near zero level.

Canada new housing price index for October, U.S. advance retail sales for November, weekly jobless claims for the week ended December 8, PPI for November and business inventories for October are expected in the New York session.

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