Euro extends run higher with 13-month dollar high

Euro extends run higher with 13-month dollar high

LONDON - Agence France-Presse
Euro extends run higher with 13-month dollar high The euro led a broad advance in currencies against the greenback on June 29 after a string of central bankers hinted at an end to loose monetary policies that have been in place since the financial crisis.

The single currency powered to a 13-month high on June 29, building on June 28’s 12-month peak after European Central Bank boss Mario Draghi offered a more positive economic outlook for the eurozone than expected, with traders brushing off later attempts by his officials to play down his remarks.

The euro jumped on June 29 to $1.1435 -- the highest level since May 2016 -- as markets bet the ECB, finally seeing a recovery in the eurozone economy after years of weakness, will soon begin winding down its stimulus.

Against the Japanese currency, the euro reached a 16-month peak at 128.79 yen.

Most European stock markets were meanwhile lower heading into the half-way stage.

“The pound and euro’s central bank-driven gains remained the focus of trading this Thursday,” said Connor Campbell, an analyst at Spreadex.

The outlook from the ECB comes as several central bank bosses have this week hinted at tightening policies put in place to combat the hammering that the global economy took from the financial crisis that started around a decade ago.