Euro drops slightly, pound rises in calm market

At 9 p.m., the euro yielded 0.15% against the dollar at 1.1857 dollars for one euro and 0.06% against the yen at 123.11 yen for one euro.

The euro retreated slightly against the dollar while the pound rose slightly against the greenback and the euro in a stoic market in the face of ongoing negotiations within the European Union as with the United Kingdom.

At 8:00 p.m. GMT, the euro lost 0.15% against the dollar at 1.1857 dollars for one euro and 0.06% against the yen at 123.11 yen for one euro.

“The recent conflict within the European Union is not enough to destabilize the euro,” noted You-Na Park-Heger, analyst at Commerzbank.

As Poland and Hungary block the European stimulus plan, this issue was quickly evacuated Thursday at a meeting by teleconference of European leaders.

“If this conflict continues over the long term, it will weigh on the euro,” warns the Commerzbank analyst, who considers this hypothesis “improbable”.

Likewise, as negotiations between the European Union and the United Kingdom on a post-Brexit trade deal were halted on Thursday due to a case of COVID-19 in the European team, forex traders continue to bet that ‘an agreement will be found.

The pound rose (+ 0.27% against the euro at 89.29 pence per euro, + 0.13% against the dollar at 1.3278 dollars per pound) as retail sales continued to increase in October in the United Kingdom (+ 1.2% over one month).

“In a market with moderate action, sentiment was slightly more optimistic about the prospects for a ‘post-Brexit deal,’ with negotiators having identified three main disputes: fishing rights, conditions of competition and the mechanism of dispute resolution, ”said Boris Schlossberg of BK Asset Management.

The price of bitcoin has also continued its ascent for a week to reach $ 18,668 (+ 4%), evolving to levels more seen since the brief peak at the end of 2017 when the cryptocurrency reached its all-time high at 19,041 dollars.

Leave a Comment