The euro strengthened against its major counterparts in the European session on Monday, as speculation intensified that the European Central Bank is preparing to unwind its massive stimulus sooner than anticipated.

Hopes of a shift in the ECB stance heightened after minutes from the bank's meeting last week showed that it may revisit its communication stance in early 2018.

News of a breakthrough in exploratory talks between German political parties in the formation of a new German government ended months of political uncertainty in Europe's largest power house.

Data from Eurostat showed that the euro area trade surplus increased in November from October.

The trade surplus rose to a seasonally adjusted EUR 22.5 billion from EUR 19 billion in the previous month.

The currency has been trading in a positive territory in the Asian session.

The 19-nation currency advanced to 0.8906 against the pound, up from a low of 0.8873 hit at 8:00 pm ET. On the upside, 0.905 is likely seen as the next resistance for the euro-pound pair.

Data from the property website Rightmove showed that UK house prices increased in January, while sellers in the capital cut their selling prices.

Asking prices climbed 0.7 percent month-on-month in January, reversing a 2.3 percent decline a month ago.

The single currency climbed to a weekly high of 135.98 against the yen, after having dropped to 135.02 at 9:15 pm ET. If the euro-yen pair extends rise, 137.00 is possibly seen as its next resistance level.

Preliminary data from Bank of Japan showed that Japan's M2 money supply growth eased for the second straight month in December.

The M2 money stock climbed 3.6 percent year-over-year in December, slower than November's 4.0 percent rise.

The euro held steady against the franc, after peaking at a 3-year high of 1.1819 in the Asian session. The pair finished last week's deals at 1.1802.

Reversing from an early low of 1.5353 against the aussie, the euro edged up to 1.5441. The euro may find resistance around the 1.56 region.

The common currency strengthened to a 10-day high of 1.6857 against the kiwi and near a 4-week high of 1.5260 versus the loonie, off its early lows of 1.6761 and 1.5176, respectively. Further uptrend may take the euro to resistance levels of around 1.70 against the kiwi and 1.55 against the loonie.

Meanwhile, the U.S. dollar slipped on growing expectations for monetary tightening outside the U.S.

The greenback fell to near a 3-month low of 0.9616 against the franc and a 4-month low of 110.53 against the yen, from its early highs of 0.9685 and 111.18, respectively. The greenback is seen finding support around 0.95 against the franc and 108.00 against the yen.

The greenback dropped to more than a 3-year low of 1.2277 against the euro and a 1-1/2-year low of 1.3808 against the pound, off its previous highs of 1.2188 and 1.3724, respectively. Continuation of the greenback's downtrend may see it challenging support around the 1.25 versus the euro and 1.44 against the pound.

The greenback hit a 6-day low of 1.2416 against the loonie, near 4-month lows of 0.7296 against the kiwi and 0.7967 against the aussie, reversing from its early highs of 1.2471, 0.7237 and 0.7901, respectively. The next possible support for the greenback is seen around 1.23 against the loonie, 0.74 against the kiwi and 0.81 against the aussie.

Looking ahead, Canada existing home sales for December are set for release at 9:00 am ET.

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