The euro may surge to a seven-month high against the dollar in Forex Online Trading after breaching its 200-day moving average, according to BNP Paribas SA. The 16-nation currency traded above its 200-day moving average of $1.3220 today, breaking the trend line for the first time since May 2009.
The euro added 1.6 percent to $1.3265 as of 4:52 p.m. in New York, from $1.3061 yesterday. It last traded at $1.40 on Feb. 3. In technical analysis, investors and analysts study charts of trading patterns and prices to forecast changes in a security, commodity, currency or index.
Copper climbed for the first day in three as a weaker dollar bolstered the appeal of commodities as alternative investments. Zinc, nickel and lead also advanced.
Copper for delivery in three months climbed as much as 0.4 percent to $7,710 a metric ton on the London Metal Exchange, and traded at $7,707 at 9:22 a.m. Singapore time.
December-delivery copper on the Comex division of the New York Mercantile Exchange gained 0.7 percent to $3.5035 a pound. China’s financial markets are closed from today for a holiday, reopening on Sept. 27.