It then extended gains after a government official told Reuters that China remains committed to its long-standing goal of diversifying its foreign exchange reserves. Separately, the head of China's $300 billion sovereign wealth fund, China Investment Corp, told Xinhua news agency in an interview that the Greek debt crisis would not have a big impact on China's overseas investments.
The euro was trading up around 1 percent on the day at $1.2305. Traders said short-covering in thin conditions ahead of market holidays had exacerbated moves. "Singapore is on holiday tomorrow and some overseas markets will be closed on Monday, so this may be short-covering ahead of a long weekend," said a trader at a Japanese brokerage.
The euro's rise took it up from its intraday low of $1.2154 on trading platform EBS. The euro managed to hold above last week's four-year trough of $1.2143 as well as support near $1.2135, which is roughly a 50 percent retracement of its rally from a record trough near $0.8225 to its all-time peak of $1.6040.
THE LAST FEW HOURS EURO/USD chart is attached below :
HAPPY TRADING
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