By James Glynn and Kosaku Narioka
Euro briefly shot above $1.07, but no specific reason cited
The euro rose on Friday, briefly climbing more than two U.S. cents against the dollar in Asian trading hours, as market participants awaited further details of President-elect Donald Trump's economic policies.
Hopes for 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 the cozy 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 (http://www.marketwatch.com/story/euro-surges-mysteriously-in-thin-end-year-markets-2016-12-30). 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 $1.0537 after briefly rising to as high as $1.0700, according to EBS. The euro was at $1.0491 late Thursday in New York. The euro has lost about 3% of its value against the dollar this year.
The British pound was at $1.2276, up from $1.2263, and has plunged nearly 18% this year as a result of the surprising Brexit result in June.
Read:How the pound can find a silver lining in Europe's 2017 stormclouds (http://www.marketwatch.com/story/how-the-pound-can-find-a-silver-lining-in-europes-2017-stormclouds-2016-12-23)
Against the Swiss franc, the dollar was at $1.0197, down from $1.0232, up about 1.8% for 2016. The dollar was at Yen116.60, compared with Yen116.55, and is down about 3% for 2016.
-- Barbara Kollmeyer contributed to this report.
(END) Dow Jones Newswires
December 30, 2016 02:54 ET (07:54 GMT)
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