Euro near day's highs on upbeat PMI data

London

THE euro held near the day's highs on Wednesday, propped up by strong readings on German and French PMI surveys though analysts warned the single currency's gains could be short-lived due to concerns about heavy one-sided bets.

"In terms of the euro positioning, we are at extremely stretched levels both against the dollar and the pound," said Richard Falkenhall, senior FX strategist at SEB, adding there was little likelihood of European Central Bank president Mario Draghi signalling any policy change at Jackson Hole.