Euro soars past 1.15 vs. dollar in American trade

Euro surged to the highest since May 3, 2016 against the dollar, following earlier data from the euro zone, and amid a lack thereof from the US, the world's largest economy. 

As of 04:15 GMT, EUR/USD jumped 0.83% to 1.1573 from the opening of 1.1478, with a 14-month peak at 1.1583, and a session-low at 1.1472. 

Earlier German data showed the ZEW Economic Sentiment survey down in Germany, while same reading for the whole region fell as well more than expected, as investors look forward for the European Central Bank's meeting later this week. 

Otherwise, the dollar has been weighed recently following a spate of downbeat US data recently, which pretty much ruled out another interest rate hike this year by the Federal Reserve as inflation moves away from the 2% target. 

The policy divergence between the European Central Bank and the Federal Reserves is buoying the common currency, as markets price in a possible tightening of policy by the ECB later this year, while chances of a Fed rate hike this year has subsidized. 

All that helped the euro mark the first weekly close past 1.14 against the dollar since April 24, 2016, following a string of disappointing US data that cut the chances of Fed policy tightening.