Market update 04/12/19

Market update 04/12/19

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Pound touches fresh highs against the euro and US dollar

The pound has continued to make gains today, touching a seven-month high against the US dollar. Sterling made gains of 0.68% to touch a high of €1.181, its highest level against the euro since May 2017.

Alongside polls suggesting the UK will avoid a hung parliament and further uncertainty, analysts pointed to technical reasons for the surge against the US dollar as the pound breached the psychological level of $1.30. Thin liquidity and positive services data has also contributed to the pound’s rise against a basket of currencies after the PMI was revised up to 49.3 from 48.6.

 

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