The euro appreciated against its most major counterparts in the European session on Friday, as a rise in European shares and the European Central Bank's move to slow purchases under the pandemic emergency purchase program in the final quarter underpinned the demand for the currency.

European stocks rose on receding growth worries and hopes for a delayed stimulus withdrawal from the European Central Bank.

The ECB on Thursday announced a reduction in the pace of PEPP purchases amid strong economic growth and higher inflationary pressures.

The ECB, however, retained the size of the scheme that is valued at 1.85 trillion euros.

President Christine Lagarde said that it was a recalibration of stimulus and not a tapering of economic support.

Investors cheered talks between U.S. President Joe Biden and his Chinese counterpart Xi Jinping to improve their ties on key issues.

The euro touched a 2-day high 1.1851 against the greenback, rising from a low of 1.1819 seen at 9:15 pm ET. The euro may face resistance around the 1.20 area.

The euro edged up to 130.28 against the yen and 1.0852 against the franc, off its early low of 129.69 and an 8-day low of 1.0833, respectively. On the upside, 132.00 and 1.10 are likely seen as its next resistance levels against the yen and the franc, respectively.

In contrast, the euro weakened to 0.8532 against the pound. Versus the aussie, it was lower at 1.5989. The euro is poised to find support around 0.84 against the pound and 1.58 against the aussie.

The euro fell to a 3-day low of 1.4921 against the loonie and near a 6-month low 1.6554 against the kiwi, down from its prior highs of 1.4981 and 1.6671, respectively. The euro is likely to challenge support around 1.48 against the loonie and 1.63 against the kiwi.

Looking ahead, Canada jobs data and U.S. PPI for August and wholesale inventories for July will be featured in the New York session.

Euro vs CAD (FX:EURCAD)
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