The US dollar shed some value against rival currencies as investors continued to bet that the Fed is nearing the end of its tightening cycle.
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The pound rose to near three-month highs against the US dollar while also advancing around a cent on the euro last week.
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The euro had a mixed week, losing value against the pound but ending Friday up around half a percent on the US dollar.
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The pound enjoyed a strong week last time out, ending Friday around two cents up against the US dollar and nearly 1% up against the euro. It’s not since early September that sterling has nudged above the $1.26…
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With the USA closed for Thanksgiving, the dollar remained broadly stable. Later today there will be a reading for Services and Manufacturing PMI, which is expected to remain at 50 or thereabouts for both.
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A quiet day of trading left the single currency becalmed. However, there were modest gains on most currencies, and EUR/USD stretched its gain close to 3% for the month.
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Sterling gained half a per cent on the euro in early trading yesterday, and while that was pared back in the afternoon GBP/EUR is some 0.75% up on the week and twice that amount against the US dollar.
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Sterling enjoyed a positive day on Thursday, boosted by Purchasing Managers Index (PMI) data that was broadly more positive in the UK than in the eurozone.
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