Euro surges to five-week high after Theresa May's speech

Euro surged on Tuesday to a five-week high after the dollar slumped against a basket of currencies, and after U.K. Prime Minister Theresa May's speech soothed the markets.
 
EUR/USD last traded at 1.0699, up from the opening of 1.0602, with an intraday high at 1.0720, and a low at 1.0601.
 
Euro rose today to a five-week high after drawing support from dollar's tumble against main rivals, hurt by sterling's surge, which weakened the greenback and buoyed the common currency.
 
May's speech raised confidence in the markets regarding Britain's exit from the European Union, as Britain aims to reach trade deals with EU countries, ending the idea of a sour exit from the EU.
 
On the other hand, the euro found support from upbeat Eurozone data, as the economic confidence index rose to 32.2 in January from 18.1 in December, underpinning the common currency today.