Euro extends gains after key US$1.20 level

London

With markets grasping at the lack of any mention of the euro strength by ECB president Mario Draghi at the Jackson Hole conference in Wyoming last week as a tacit green signal for euro bulls, traders quickly pushed the single currency above the US$1.20 line in early trades.

Helping the euro's rise has been a general sell-off in the dollar against its major rivals. A trade-weighted index fell 0.6 per cent to its lowest levels since January 2015 with benchmark 10-year US Treasury yields down six basis points to 2.09 per cent as geopolitical risks return.