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Sterling Hits 31-Month Highs, Dollar Dips


Monday, 9 December 2019 18:02 WIB

Sterling,Poundsterling


c_740_198_16777215_00_images_assets_CURRENCY2_1pound.jpg

The British pound hit 31-month highs against the euro on Monday and hit seven-month highs against the U.S. dollar amid growing confidence about a Conservative Party victory in Thursday’s U.K. elections, which would end political paralysis on Brexit.

The euro touched a low of 0.8406 against sterling by 04:03 AM ET (09:03 GMT), the weakest level since May 2017.

The pound was boosted as fears over the prospect of a hung parliament receded after an opinion poll on Monday showed that the Conservative Party extended its lead over the Labor Party to 14 percentage points, up from 9 percentage points a week ago.

Against the dollar, sterling hit a high of 1.3180, the most since May and was last at 1.3161.

Demand for the dollar was underpinned on Monday after Friday’s blockbuster jobs report, but the currency struggled to make headway amid worries about an escalation in the U.S.-China trade war.

The U.S. dollar index edged down to 97.59 after rising 0.3% on Friday. The euro traded at 1.1065 after hitting a one-week low of 1.1039 on Friday.

The dollar was slightly lower against the Japanese yen at 108.45.

Source : Investing.com


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