ANL 10.60 Increased By ▲ 0.19 (1.83%)
ASC 9.32 Increased By ▲ 0.11 (1.19%)
ASL 11.90 Increased By ▲ 0.13 (1.1%)
AVN 80.66 Increased By ▲ 4.61 (6.06%)
BOP 5.55 Increased By ▲ 0.06 (1.09%)
CNERGY 5.50 Increased By ▲ 0.13 (2.42%)
FFL 6.75 Increased By ▲ 0.04 (0.6%)
FNEL 6.05 Increased By ▲ 0.12 (2.02%)
GGGL 11.43 Increased By ▲ 0.13 (1.15%)
GGL 16.88 Increased By ▲ 0.38 (2.3%)
GTECH 8.81 Increased By ▲ 0.28 (3.28%)
HUMNL 7.27 Increased By ▲ 0.05 (0.69%)
KEL 3.12 Increased By ▲ 0.25 (8.71%)
KOSM 3.15 Increased By ▲ 0.05 (1.61%)
MLCF 26.90 Increased By ▲ 0.91 (3.5%)
PACE 3.10 Decreased By ▼ -0.05 (-1.59%)
PIBTL 6.10 Increased By ▲ 0.06 (0.99%)
PRL 18.50 Increased By ▲ 0.35 (1.93%)
PTC 7.11 Increased By ▲ 0.10 (1.43%)
SILK 1.19 Increased By ▲ 0.02 (1.71%)
SNGP 34.05 Increased By ▲ 0.80 (2.41%)
TELE 11.40 Increased By ▲ 0.28 (2.52%)
TPL 9.54 Increased By ▲ 0.32 (3.47%)
TPLP 20.71 Increased By ▲ 0.54 (2.68%)
TREET 30.20 Increased By ▲ 1.50 (5.23%)
TRG 78.30 Increased By ▲ 2.55 (3.37%)
UNITY 20.55 Increased By ▲ 0.27 (1.33%)
WAVES 12.85 Increased By ▲ 0.25 (1.98%)
WTL 1.45 No Change ▼ 0.00 (0%)
YOUW 4.94 Increased By ▲ 0.19 (4%)
BR100 4,160 Increased By 76.4 (1.87%)
BR30 15,387 Increased By 402.4 (2.69%)
KSE100 41,879 Increased By 826.8 (2.01%)
KSE30 16,009 Increased By 346.4 (2.21%)
Markets

Euro rises above $1.22 for first time in more than two years

  • The euro has been gaining since the European Union announced a recovery fund in May, rising nearly 13pc since then.
16 Dec, 2020

LONDON: Strong euro zone survey figures and hopes of progress on Brexit negotiations pushed the euro above $1.22 versus the U.S. dollar on Wednesday for the first time since April 2018.

The euro has been gaining since the European Union announced a recovery fund in May, rising nearly 13pc since then.

Economic activity data in recent months have also boosted bets that Europe is outperforming the U.S.

Those expectations got a further boost with manufacturing survey data from Germany and France indicating that Europe's biggest economies may be recovering quickly.

Against the U.S. dollar, the euro rose 0.4pc to $1.22065, putting it on track for its biggest annual rise since 2017.

"European PMIs, Brexit and a likely dovish Fed is boosting risk appetite in the currency markets," said Kenneth Broux, a strategist at Societe Generale in London.

The European Union's chief executive said she could not say whether the EU and Britain would reach a trade agreement, but progress had been made and the next few days would be critical.

Investors are also keeping an eye on the outcome of a two-day Federal Reserve policy meeting on Wednesday. Policymakers are expected to keep the overnight interest rate near zero and signal it will stay there for years to come, a decision that analysts say will further boost risk sentiment.

"There's a feel-good momentum in the market," said Bart Wakabayashi, Tokyo branch manager of State Street Bank in Tokyo.

The dollar index, which measures the U.S. currency against a basket of currencies, was last at 90.127, a level not seen since April 2018.

The Australian dollar was little changed at 75.75 U.S. cents AUD=D4, nearing a two-and-a-half-year high of 75.780 it reached on Monday.

Comments

Comments are closed.