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The euro rebounded against the dollar and yen as improved stocks in the U.S. and Europe added to risk appeal. Encouraging economic data in the Eurozone and a better-than-forecast GDP report in the U.S. also provided spark.
German unemployment unexpectedly dropped in October as various measures to boost employment proved effective in curbing rising joblessness amid the global economic crisis.
Eurozone economic sentiment strengthened more than expected in October pointing toward a possible recovery in the third quarter.
The euro rebounded against the dollar and moved back toward its 14-month high above 1.5000 after coming under pressure earlier this week. The European currency reached as high as 1.4846 in mid-day trading after hitting as low as 1.4682 overnight.
The Commerce Department said its advance estimate showed that GDP increased at an annual rate of 3.5 percent in the third quarter compared to a 0.7 percent decrease in the second quarter. Economists had been expecting GDP to increase by 3.2 percent.
The euro fell to a six-week low against the sterling, touching 0.8910. The European currency has been trending lower for through most of the week.
The Bank of England reported that mortgages approved in September stood at 56,215, up from August's revised 52,970. Approvals stood above the expected the expected level of 53,600.
The European currency reached a two-day high of 135.70 against the sterling, rising away from a two-week low of 132.79 from late yesterday.
The Ministry of Economy, Trade and Industry said today that industrial output in Japan was up 1.4 percent on month in September, posting an index score of 85.1.The reading marked the seventh straight month of gain and also came in above expectations for a 1.0 percent increase following the 1.6 gain in August.
On the economic front, the number of unemployed people in Germany fell a seasonally adjusted 26,000 to 3.43 million in October, data released by the Federal Labor Agency showed Thursday. Economists had expected the number to rise by 15,000 in the month, following a revised fall of 15,000 in September.
Economic sentiment stood at 86.2 in October, up from 82.8 in September, a monthly survey from the European Commission revealed Thursday. The reading stood above the expected 84.4 and was the strongest since September 2008.
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