The euro appreciated against its major rivals in the early European session on Monday, as investors focused on the ongoing talks over European Recovery Fund amid hopes for a breakthrough in the EU Summit in Brussels.

After three days of argument over the rescue package, European leaders are reportedly considering a compromise proposal of €390 billion of grants for Covid-19 relief instead of the $500 billion initially planned.

The meeting is scheduled to resume at 1400 GMT.

Dutch prime Minister Mark Rutte said that talks were making progress but warned discussions could still fall apart.

There are several issues to be finalized, including the conditionality of funds, terms of loans and the veto of aid disbursements.

Data from the European Central Bank showed that the euro area current account surplus declined in May largely reflecting the widening deficit on the secondary income.

The current account surplus fell to EUR 8 billion in May from EUR 14 billion in April. In the same period last year, the surplus was EUR 23 billion.

The euro firmed to 1.1468 against the greenback, its highest level since March 9. The currency is likely to locate resistance around the 1.16 level.

The euro strengthened to a 1-1/2-month high of 122.98 against the yen, while approaching 0.9138 against the pound for the first time since June 30. Next immediate resistance for the euro is seen around 125 against the yen and 0.92 against the pound.

The single currency climbed to a 4-day high of 1.0776 against the franc, up from Friday's closing value of 1.0717. On the upside, 1.09 is likely seen as its next resistance level.

The euro that finished Friday's trading at 1.6335 against the aussie and 1.5516 against the loonie moved up to a 3-week high of 1.6407 and a 3-1/2-month high of 1.5575, respectively. The next possible resistance for the euro is seen near 1.66 against the aussie and 1.59 against the loonie.

The euro edged higher to 1.7489 against the kiwi from last week's closing value of 1.7427. The euro is likely to face resistance around the 1.78 region, if it gains again.

The latest survey from BusinessNZ showed that the services sector in New Zealand swung back into expansion territory in June, with a Performance of Services Index score of 54.1.

That's up sharply from the upwardly revised 37.5 in May (originally 37.2) and it moves back above the boom-or-bust line of 50 that separates expansion from contraction.

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