The euro and sterling steadied versus the dollar on Friday after Britain and the European Union agreed in principle to a text setting out their future relationship before a summit on Sunday.
Traders initially cheered the draft declaration agreed by the United Kingdom and the European Commission overnight which said that the “parties envisage having a trading relationship on goods that is as close as possible, with a view to facilitating the ease of legitimate trade.”
The euro EUR and sterling GBP traded marginally higher on Friday, looking to extend their overnight gains of 0.2 percent and 0.8 percent respectively.
The dollar index .DXY, a gauge of its value versus six major peers, traded marginally weaker at 96.5. Much of the weakness is due to the strength in the euro and sterling, which together constitute 70 percent of the index.
Source : Reuters