BRUSSELS (Alliance News) - The euro climbed against its major counterparts in European deals on Thursday, erasing early decline, as the European Commission raised the growth forecasts for Eurozone for this year and next, citing strengthened domestic and foreign demand, very accommodative monetary policy and a broadly neutral fiscal stance. In its winter forecast, the executive arm of the EU forecast 1.3% growth in the euro area for this year, which was higher than the 1.1% predicted in November. The growth outlook for 2016 was also raised to 1.9% from 1.7%. The EU economy as a whole was forecast to expand 1.7% this year and 2.1% in 2016. The euro strengthened to 134.48 against the yen and 1.1455 against the greenback, recovering from an early low of 132.55 and a 3-day low of 1.1303, respectively. The euro climbed to a 3-week high of 1.0630 against the franc, after falling to a 2-day low of 1.0469 earlier. The euro recovered to 0.7509 against the pound, from an early weekly low of 0.7449. The next possible resistance for the euro is seen around 135.00 against the yen, 1.15 against the greenback, 1.2 against the franc and 0.775 against the pound.

Source