Sterling Hits 31-Month Highs, Dollar Dips
Monday, 9 December 2019 18:02 WIB | CURRENCIES |Sterling,Poundsterling

The British pound hit 31-month highs against the euro on Monday and hit seven-month highs against the U.S. dollar amid growing confidence about a Conservative Party victory in Thursday™s U.K. elections, which would end political paralysis on Brexit.

The euro touched a low of 0.8406 against sterling by 04:03 AM ET (09:03 GMT), the weakest level since May 2017.

The pound was boosted as fears over the prospect of a hung parliament receded after an opinion poll on Monday showed that the Conservative Party extended its lead over the Labor Party to 14 percentage points, up from 9 percentage points a week ago.

Against the dollar, sterling hit a high of 1.3180, the most since May and was last at 1.3161.

Demand for the dollar was underpinned on Monday after Friday™s blockbuster jobs report, but the currency struggled to make headway amid worries about an escalation in the U.S.-China trade war.

The U.S. dollar index edged down to 97.59 after rising 0.3% on Friday. The euro traded at 1.1065 after hitting a one-week low of 1.1039 on Friday.

The dollar was slightly lower against the Japanese yen at 108.45.

Source : Investing.com

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