Midday trade in New York: Euro on pace for best week since mid-2009

The euro headed for its best week in more than 1-1/2 years on Friday and could extend gains after a string of successful securities auctions by indebted eurozone nations calmed fears of the region's credit crisis. The euro earlier hit just above $1.3450, edging closer to key resistance at $1.35, its December high.
Analysts said the euro's recovery could continue in the near term, though gains above $1.35 could be difficult given nervousness over the large amount of debt supply from weaker eurozone economies in 2011. In midday New York trading, the euro was down 0.2 percent at $1.3328, after having earlier hit a high of $1.3458 on trading platform EBS and crossing above its 100-day moving average at $1.3410. On the week, the euro was on track for a weekly gain of about 3.5 percent, the biggest since May, 2009.