Investing.com - The euro rose to session highs against the U.S. dollar and the yen on Tuesday, after the European Central Bank said its president Mario Draghi would be unable to attend the Federal Reserve’s annual Jackson Hole summit later this week.
During European late morning trade, the euro extended gains against the U.S. dollar, with EUR/USD rising 0.40% to 1.2548.
The ECB said Draghi would not be attending the Fed's annual summit meeting in Jackson Hole, Wyoming, due to his "heavy workload" in the next few days.
The unexpected announcement fuelled expectations that the ECB is working on policy measures to help stabilize the euro zone's sovereign debt markets, ahead of its next policy meeting on September 6.
The ECB president had been due to speak at the summit on Saturday, one day after a keenly anticipated speech by Fed Chairman Ben Bernanke.
Earlier Tuesday, Italy saw borrowing costs fall sharply at an auction of two-year government bonds.
Italy’s Treasury sold EUR3.0 billion of bonds maturing in May 2014, the top end of the targeted range, at an average yield of 3.06%, down from 4.86% at a similar auction last month.
The euro was trading close to a six-week high against the yen, with EUR/JPY up 0.30% to 98.70, but remained little changed against the Swiss franc, with EUR/CHF edging up 0.01% to 1.2010.
The single currency advanced to a three-week high against the pound, with EUR/GBP rising 0.39% to 0.7944.
The shared currency was broadly higher against the Australian, Canadian and New Zealand dollars, with EUR/AUD up 0.29% to 1.2089, EUR/CAD adding 0.19% to trade at 1.2406 and EUR/NZD climbing 0.47% to 1.5526.
Later in the day, the U.S. was to release a report on consumer confidence, as well as industry data on house price inflation.
During European late morning trade, the euro extended gains against the U.S. dollar, with EUR/USD rising 0.40% to 1.2548.
The ECB said Draghi would not be attending the Fed's annual summit meeting in Jackson Hole, Wyoming, due to his "heavy workload" in the next few days.
The unexpected announcement fuelled expectations that the ECB is working on policy measures to help stabilize the euro zone's sovereign debt markets, ahead of its next policy meeting on September 6.
The ECB president had been due to speak at the summit on Saturday, one day after a keenly anticipated speech by Fed Chairman Ben Bernanke.
Earlier Tuesday, Italy saw borrowing costs fall sharply at an auction of two-year government bonds.
Italy’s Treasury sold EUR3.0 billion of bonds maturing in May 2014, the top end of the targeted range, at an average yield of 3.06%, down from 4.86% at a similar auction last month.
The euro was trading close to a six-week high against the yen, with EUR/JPY up 0.30% to 98.70, but remained little changed against the Swiss franc, with EUR/CHF edging up 0.01% to 1.2010.
The single currency advanced to a three-week high against the pound, with EUR/GBP rising 0.39% to 0.7944.
The shared currency was broadly higher against the Australian, Canadian and New Zealand dollars, with EUR/AUD up 0.29% to 1.2089, EUR/CAD adding 0.19% to trade at 1.2406 and EUR/NZD climbing 0.47% to 1.5526.
Later in the day, the U.S. was to release a report on consumer confidence, as well as industry data on house price inflation.