Euro muscles up past 1.18 against dollar

Euro rose against the dollar away from the lowest since October 9 for the second straight session, after a stream of data from the US, the world's largest economy, and amid a lack thereof from the euro zone. 

As of 04:47 GMT, EUR/USD rose 0.50% to 1.1846 from the opening of 1.1787, with an intraday high at 1.1858, and a low at 1.1768. 

European Central Bank member Ewald Nowotny said in earlier remarks that the ECB couldn't end the monetary easing program in an abrupt manner, asserting the need to lay out the details of the monetary policy's future in the October meeting next Thursday. 

Nowonty ruled out a gradual tightening of monetary policy until inflation steadies just below the ECB's 2% target, pointing to the risks of financial bubbles inside the zone, especially as investors look for high-yield investments as the interest rate tumbles. 

European Central Bank President Mario Draghi spoke earlier on Wednesday in the ECB Conference in Frankfort, where he asserted the importance of adopting unified economic reforms that link the whole region, while being fair and balanced, adding that the ECB didn't find evidence that higher interest rates lead to more reforms. 

Otherwise, earlier US data showed unemployment claims down to 222 thousand from 244 thousand, below expectations of 240K, while the Philly manufacturing index jumped to 27.9 in October from 23.8 in September, besting expectations of 21.9, as the CB leading index dipped unexpectedly in May, and finally, President Donald Trump is scheduled to meet with Federal Reserve Chair Janet Yellen later today.