The European Single Currency, euro was up 0.78 percent against the greenback, on Wednesday, January 24.Euro zone businesses kicked off 2018 in much better shape than anyone polled by Reuters expected, ramping up activity at the fastest rate since mid-2006, a survey showed.
Investors were keenly awaiting the European Central Bank’s meeting on Thursday for clues on the outlook for euro zone monetary policy.
The euro may have more room to rise given the negative sentiment around the greenback, Trang said.
Meanwhlle, Sterling GBP= jumped above $1.42 after strong British employment data helped extend a recent rally driven by optimism Britain will have a relatively smooth exit from the European Union.
The dollar on the other hand, dropped to a fresh three-year low against a basket of major currencies after the U.S. Treasury secretary said he welcomed weakness in the currency, and as investors worried about U.S. President Donald Trump’s protectionist agenda.