Euro in Strong Increase

The euro had a strong performance and gained over one percent, gaining more than 1 percent against versus the Swiss franc as traders assumed the Swiss National Bank was purchasing euro notes to undermine its own currency.

The common currency rose versus the Swiss tender to 1.06425 francs which is the highest since January 15.

Swiss media reported that the central bank was targeting a rate of 1.05 to 1.10 francs per one euro, based on SNB sources.

While there was no formal statement from bank officials, market strategists believe that this is a form of market intervention of managed scheme to control the currencies.

Meanwhile, the euro went up against the Japanese yen (0.8 percent) at 134.09 yen. This is still far from the two-week peak of 135.35 yen the other day.

The shared euro was boosted earlier by upbeat reports of industrial orders in Germany which moved forward and reached the highest level since the second quarter of 2008.

Losses versus the single currency caused the US dollar to decline roughly 0.7 percent against major currencies and extended the 1.5 percent decline during the last two weeks.

The Aussie dollar also increased against the greenback and traded at $0.7811. It moved up 0.8 percent and moved away from a slump of six years ($0.7627).