The Euro rose while Asian shares steadied on Wednesday in run up to U. S. Fed chairman Ben Bernanke's speech on Friday and a European Central Bank (ECB) policy meeting, which is scheduled for next week.

In the early Wednesday trading, the Euro traded at $1.2557 against the U. S. dollar. However, it was still lower than the seven-week high mark of $1.2590, which was hit last week.

Against the Australian dollar, the Euro reached an eight-week high of A$1.2123, as investors were optimistic that European leaders would take positive steps to control the prevalent debt crisis.

Spot gold traded at $1,667.31 per ounce, close to a four-and-a-half month high of $1,676.45 per ounce hit earlier in the week. Copper jumped 0.1 per cent to $7,615 per tonne.

After hitting a three-week low on Tuesday, MSCI's broadest index of Asia-Pacific shares outside Japan remained almost steady on Wednesday, while the Nikkei stock average .N225 climbed just around 0.3 per cent.

Credit markets in Asia remained uninspiring, and the spread on the iTraxx Asia ex-Japan investment-grade index also remained little changed.

Investors are optimistic about Bernanke's speech on Friday at an annual Jackson Hole, Wyoming, meeting of central bankers and economists. A few days later, European Central Bank’s policy setters will meet to discuss further measures to ease debt crisis in the region.