EURCHF Euro vs Swiss Franc

The euro strengthened against its most major rivals on Monday's European deals, as European markets rose amid rebound in oil prices and on hopes of further stimulus measures from the European Central Bank by early next year.

In an interview with La Libre Belgique, ECB governing council member Luc Coene told that the ECB should step up the purchase of government bonds, as low inflation could have serious effects on the behaviour of households and businesses.

"In this context, the purchase of sovereign bonds could prove to be an effective tool," he added.

Last week, ECB executive board member Benoît Coeuré spurred hopes of a sovereign QE at the earliest when he told The Wall Street Journal that it is "not that much of a question on whether we should do something, but more a discussion on the best way to do it."

The crude oil has been trading higher after Saudi Oil Minister Ali Al-Naimi's remarks on Sunday at the 10th Arab Energy Conference in Abu Dhabi that he's confident the oil market will recover and fossil fuel will remain the main source of energy for decades to come.

Blaming the recent fall in oil prices on speculators, he pledged that Saudi Arabia, the world's largest oil producer, would not cut production to prop up prices even if non-OPEC nations cut output.

In economic news, Germany's import prices declined at a faster-than-expected pace in November, figures from the statistical office Destatis showed.

The import price index dropped 2.1 percent year-on-year in November, faster than the 1.2 percent fall registered in the previous month.

The euro was trading higher at 1.2265 against the greenback, off early session's low of 1.2219. The next possible resistance for the euro-greenback pair is seen around the 1.24 zone.

The single currency held firm near early 6-day high of 147.02 against the yen, after having fallen to 145.94 at 7:00 pm ET. The next likely resistance for the euro-yen pair may be found around the 148.00 level.

The Bank of Japan turned more upbeat on the economy, the Monthly Report on Recent Economic and Financial Developments revealed.

Japan's economy has continued to recover moderately as a trend as the effects of the decline in demand following the sales tax hike have been waning on the whole, it said.

The European unit drifted up to a 4-day high of 0.7858 against the pound, following a slide to 0.7816 in early deals. Continuation of the euro's uptrend may take it to a resistance surrounding the 0.79 mark.

There is no strong case for the Bank of England to boost demand and prices, Monetary Policy Committee member David Miles said in a newspaper column on Sunday.

The bank is unlikely to change its path towards higher interest rates as inflation is likely to remain below the 2 percent target, he told The Sunday Telegraph.

The euro moved sideways against the franc, with the pair trading in the 1.2038-1.2027 range. The euro-franc pair was worth 1.2033 at last week's close.

Looking ahead, Eurozone flash consumer sentiment index for December and U.S. existing home sales for November are due in the New York session.

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