BERLIN — The euro gained against the dollar ahead of the publication of stress tests for Europe's banks, which are expected to shed light on the continent's financial industry in the wake of the sovereign debt crisis.
The 16-nation currency rose to $1.2934 in Friday midday European trading from $1.2895 in New York late Thursday. The euro traded as high as $1.2967 earlier in the session.
The stress tests for 91 European banks, to be announced later Friday, will provide much-needed clarity on the state of banks' balance sheets, reassuring investors by enhancing transparency.
The euro surged in the past weeks from its lows during the debt crisis on the backdrop of an uncertain economic outlook in the U.S.
The dollar rose Friday to 87.21 yen from 87.01 yen and also gained against the British pound to $1.5438 from $1.5267 in New York late Thursday.
