The euro strengthened against other major currencies in the European session on Wednesday amid increased risk-on mood, as investors monitored the latest updates from Sino-U.S. talks and awaited crucial U.S. inflation data for direction. After two days of discussions in London, U.S. and Chinese officials have agreed on a limited framework to put their trade truce back on track.

If approved, the deal will remove some restrictions on China's rare earth exports and unwind a few recent U.S. export bans.

In the European trading today, the euro rose to more than a 1-month high of 0.8478 against the pound and more than a 7-month high of 165.91 against the yen, from early lows of 0.8464 and 165.39, respectively. If the euro extends its uptrend, it is likely to find resistance around 0.85 against the pound and 167.00 against the yen.

Against the U.S. dollar and the Swiss franc, the euro advanced to 1.1446 and 0.9403 from early lows of 1.1405 and 0.9388, respectively. The euro may test resistance around 1.15 against the greenback and 0.94 against the franc.

Against the Australia and the New Zealand dollars, the euro climbed to 2-day highs of 1.7572 and 1.8963 from early lows of 1.7513 and 1.8869, respectively. On the upside, 1.79 against the aussie and 1.91 against the kiwi are seen as the next resistance levels for the euro.

The euro edged up to 1.5659 against the Canadian dollar, from an early 2-day low of 1.5601. The next resistance level for the euro is seen around the 1.58 area.

Looking ahead, U.S. MBA weekly mortgage approvals data, U.S. CPI data for May, Canada building permits for April and U.S. EIA crude oil data are slated for release in the New York session.

Grafico Cross Euro vs US Dollar (FX:EURUSD)

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Grafico Cross Euro vs US Dollar (FX:EURUSD)

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