The euro climbed to a three-week peak yesterday as expectations mounted that the European Central Bank will signal an early wind-down of stimulus, while oil prices jumped on concern about a drop in Venezuela exports.

The ECB, at its policy meeting next week, will debate whether to end bond purchases later this year, its chief economist, Peter Praet, a close ally of president Mario Draghi, said on Wednesday.

The comments drove the euro to $1.1840, the highest since May 17. The single European currency has risen for four straight sessions. Since hitting a 10-month low last week, it has gained three per cent.

The euro was up 0.42 per cent to $1.1823. The dollar index, tracking the unit against a basket of major currencies, fell 0.34 per cent.

Oil prices received a boost from worries over a steep drop in exports from Venezuela, which faces the threat of US sanctions and is in the midst of an economic crisis.

US crude rose 1.62 per cent to $65.78 per barrel and Brent was last at $76.79, up 1.9 per cent.

That helped energy shares on Wall Street, with the S&P 500 energy index last up 1.7 per cent and the biggest percentage gainer among sectors.

US stock indexes were mixed, as a rally in tech stocks ended and set up the Nasdaq for its first loss in five days, while a jump in McDonald’s shares boosted the Dow.

The Dow Jones Industrial Average rose 131.14 points, or 0.52 per cent, to 25,277.53, the S&P 500 lost 0.46 points, or 0.02 per cent, to 2,771.89 and the Nasdaq Composite dropped 47.46 points, or 0.62 per cent, to 7,641.78.

Investors were focused on an upcoming G7 summit of seven major economies, amid a widening divide over trade between US President Donald Trump and the group’s remaining six members.

Mr Trump stuck to his tough trade stance against top allies at the G7 summit, which takes place today and tomorrow in Charlevoix, Quebec, after imposing tariffs on steel and aluminium imports from Canada, Mexico and the European Union last week.