Euro rises as speculators unwind short positions, dragging sterling higher

Friday, 27 December 2019 17:03 WIB

DOLLAR EuroPoundsterling


The euro strengthened on Friday, pushing the dollar lower and the pound higher, as speculators unwound their short positions before the end of the year, with thin liquidity during the holiday season amplifying moves.

Bleak European economic data meant hedge funds bet on an even weaker euro during 2019, but the battered currency rose on Friday to an eight day high of $1.1142.

Euro strength took the pound to a one-week high of $1.3075 . Sterling gained some ground against the euro too, rising to a four-day high of 85.17 pence.

The rise in sterling was helped by European Commission President Ursula von der Leyen saying the European Union may need to extend the deadline for talks about a new trade relationship with Britain.

Against the safe-haven Japanese yen, the dollar showed some weakness as well, falling 0.2% to 109.48 yen. However, the greenback was not far off the six-month high of 109.73 yen it reached at the beginning of this month.

Source : Reuters


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