The single currency moved higher against the U.S. Dollar in late Asian trading and remains steady near a 1-month high struck yesterday. Traders believe the Euro could see more gains in the short term, though a sustainable rally is unlikely. Higher risk currencies are also rallying, wit the Australian Dollar striking a 3-week peak following better than expected jobs data which prompted some investors to scale back speculation of a near term interest rate cut. 

As reported at 2:51 p.m. (JST) in Tokyo, the Euro was trading up 0.1% against the greenback at $1.3799, off the 1-month peak of $1.3834 struck yesterday on the EBS trading platform. The Euro fell against the safe haven Japanese Yen, however, slipping 0.1% to 106.39 Japanese Yen, off the 1-month peak struck yesterday. The Australian Dollar gained 0.5% against the U.S. Dollar, trading at $1.0195, a slight retreat from the 3-week peak of $1.0235 struck earlier in the session. 

Markets are hopeful that the Eurozone crisis may soon be coming to an end, as policymakers are finally addressing the critical issues with a view to longer term resolution rather than short term fixes. However, until the G-20 meeting begins in early November, the Euro is likely to trade in a tight range say some analysts.