The euro rose against the dollar for a second straight session on Wednesday as investors reduced bearish bets after reports about a possible increase in the International Monetary Fund's lending capabilities and a comment from Fitch saying it does not expect Italy to default.
In midday trading, the euro was 0.7 percent higher on the day at $1.28130, just off a session high of $1.28470 on trading platform EBS. The euro, however, has not closed above its 20-day moving average against the dollar since October 31. The euro zone common currency also jumped against the Swiss franc, hitting a session high of 1.21360 francs and was last at 1.20960, flat on the day. The euro's gains have pushed the dollar index 0.6 percent lower at 80.706, although it was still within striking distance of a 16-month high hit on Friday.
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