Euro hits 4-month peak, dollar soggy on German spending and tariff reprieve
TOKYO - The euro extended four-month highs to the U.S. dollar on Thursday, following a surge in European bond yields on Germany's proposed 500 billion euro infrastructure fund and overhaul in borrowing limits.
The risk-sensitive sterling and Australian dollar benefitted, with the British currency touching a four-month peak. The Aussie reached a one-week high, buoyed additionally by solid economic growth at home and pledges of more stimulus from top trading partner China. The yuan traded offshore stood close to Wednesday's nine-day high.
"U.S. trade policy remains the biggest uncertainty for the markets," but the exemption for auto tariffs "supported hopes that rational heads prevail in the White House, and that even if trade relations don't improve, at least they won't get any worse," Rodda said. The euro was flat at $1.0792 in the Asian morning, after earlier touching $1.0803 for the first time since November 8.
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