Early trade in New York: euro edges up

The euro gained on Friday on speculation a new Chinese investment vehicle could provide funding to heavily indebted eurozone countries, but an agreement by European leaders failed to allay investor concerns about the debt crisis. The single currency hit a global session high of $1.3434 after Reuters reported that China's central bank plans to create a $300 billion vehicle to manage investment funds in the United States and Europe.
Euro resistance is at about $1.3460. Participants may see the euro's gains pared back ahead of the weekend on scepticism in the North American session, McCormick said. In early New York trade the euro was up 0.2 percent at $1.3364. The dollar, meanwhile, traded down 0.2 percent against a currency basket at 78.696 and was flat against the yen at 77.64.