Euro Rises Above $1.20 for First Time in More Than Two Years
- Leveraged, macro investors add to long positions on currency
- Halfway point of the euro’s drop since 2014 at 1.2167 in focus
What Is Driving the Climb in the Euro?
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The euro advanced to its strongest level in more than two years, hours after North Korea fired a ballistic missile over Japan. Core European bonds rallied as risk-off sentiment spread across the globe.
Europe’s common currency gained for a third day even as South Korean President Moon Jae-in ordered a show of force in response, which traders said highlighted its growing appeal as a haven. U.S Treasuries rallied and German 10-year bond yields hit a two-month low as investors sought the safest assets.