After dipping in early trade in Asia, reaching as low as $1.2005, the European Single Currency, euro on Thursday, January 4, bounced back to trade as high as $1.2066, up 0.4 percent and less than half a cent away from highs of $1.2092 seen in December – the strongest since the start of 2015.i
“We see some very positive euro sentiment in the market right now, and if it goes down too much against the U.S. dollar that’s going to begin again.
The market is not confident enough right now that levels below $1.20 are justified,” said Commerzbank currency strategist Esther Reichelt in Frankfurt.
Meanwhile, the dollar index, which measures the currency against a basket of six major rivals had slipped by 0.3%.
The British Pound Sterling on the other hand, edged up on Thursday after surveys showed Britain’s dominant services sector rebounded strongly last month although investors remained cautious of pushing the British currency higher due to a lack of broad catalysts.
