By James Glynn and Kosaku Narioka
The euro rose on Friday in Asia, briefly climbing more than two U.S. cents against the dollar, as market participants awaited further details of President-elect Donald Trump's economic policies.
Hopes for Mr. Trump's fiscal stimulus and stronger growth have boosted the dollar against other currencies such as the euro since early November.
It is yet to be seen, however, the dollar will continue to advance in coming months as Mr. Trumps lays out new economic programs starting next month.
"If they tell us anything about what January has in store, it may be that it's going to be a choppier ride for the dollar relative to thecozy dollar-bullish consensus that prevailed in the run up to Christmas," said Ray Attrill, global head of currency strategy at National Australia Bank.
Early in the morning, the euro briefly spiked before coming back down. Akira Moroga, joint general manager of market products division at Aozora Bank, said the move wasn't likely driven by any specific news. He said the euro's ascent accelerated after triggering loss-cut orders above $1.05 on thin trading ahead of the year-end. The euro's spike against the dollar also caused broad dollar selling.
The euro was at $1.0530 as of 0515 GMT after briefly rising to as high as $1.0700, according to EBS. The euro was at $1.0491 late Thursday in New York. The British pound was at $1.2280, up from $1.2263. Against the Swiss franc, the dollar was at CHF1.0204, down from CHF1.0232. The dollar was at Y116.75, compared with Y116.55.
Interbank Foreign Exchange Rates At 23:50 EST / 0450 GMTLatest Previous %Chg Daily Daily %Chg
Dollar Rates Close High Low 12/31
USD/JPY Japan 116.80-81 116.54-55 +0.23 116.89 116.05 -2.90
EUR/USD Euro 1.0531-34 1.0490-93 +0.39 1.0647 1.0486 -3.02
GBP/USD U.K. 1.2280-82 1.2262-64 +0.15 1.2309 1.2247 -16.66
USD/CHF Switzerland 1.0203-07 1.0228-32 -0.24 1.0237 1.0061 +1.85
USD/CAD Canada 1.3481-86 1.3500-05 -0.14 1.3509 1.3462 -2.57
AUD/USD Australia 0.7231-35 0.7217-21 +0.19 0.7247 0.7212 -0.74
NZD/USD New Zealand 0.6955-61 0.6959-65 -0.06 0.6979 0.6953 +1.83
EUR/JPY Japan 123.01-05 122.24-28 +0.63 123.82 122.16 -5.93
Source: ICAP PLC
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(END) DowJones Newswires
December 30, 2016 00:44 ET (05:44 GMT)
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