Euro Strengthens Ahead Of Eurogroup Meeting

The euro climbed against its major rivals in early European deals on Friday, ahead of the Eurozone finance ministers meeting in Riga, where the key topic being Greece's progress in its reform plan.

On the sidelines of EU summit in Brussels on Thursday, Greek Prime Minister Alexis Tsipras urged German Chancellor Angela Merkel to accelerate reform talks, so that an interim deal can be reached by the end of April. Merkel described the talks as constructive and said she would do everything to prevent a default of Greece.

Euro group chief Jeroen Dijsselbloem on Friday told that the Eurozone leaders are determined to get a Greece deal soon, as time is running out. Dijsselbloem downplayed hopes of deal at today's meeting, even though he said the group would work hastily to get a deal.

In economic front, German business confidence improved for the sixth consecutive month in April, reports said citing survey results from Munich-based Ifo Institute.

The business confidence index rose more-than-expected to 108.6 in April from 107.9 in March. It was forecast to rise to 108.4.

The euro was steady against its major opponents in Asian deals.

In European trading, the euro hit a 4-day high of 0.7211 versus the pound, while approaching 1.0896 against the greenback, its strongest since April 7. The next possible resistance for the euro may be located around 0.73 against the pound and 1.10 against the greenback.

The single currency advanced to more than a 2-week high of 129.94 against the Japanese yen, compared to yesterday's closing value of 129.41. If the euro extends rise, 135.00 is possibly seen as its next resistance level.

The euro edged up to 1.0377 against the franc, from an early low of 1.0317. The euro is likely to challenge resistance around the 1.05 mark.

The euro spiked up to 1.4380 against the NZ dollar, its highest since April 8. Further uptrend may take the euro to a resistance around the 1.50 region.

The single currency climbed to 3-day highs of 1.3954 against the aussie and 1.3217 against the loonie, reversing from its previous lows of 1.3877 and 1.3107, respectively. The common currency is poised to rest resistance around 1.40 against the aussie and 1.35 against the loonie.

Looking ahead, U.S. durable goods orders data for March is set to be published in the New York session.

At 10:30 am ET, Bank of Canada Governor Stephen Poloz will participate in a panel discussion at the Export-Import Bank of the United States in Washington DC.