The euro climbed to its high of the year on Wednesday, taking its gains in 2020 close to 10 per cent.
The currency rose as much as 0.5 per cent against the dollar to a peak of $1.2309, its highest level since 2018, extending a rally that has endured since the summer. It has since pulled back slightly to $1.2290.
The gains have caused traders to speculate about whether the European Central Bank will seek to stem the inflation-sapping rally. The ECB does not target any particular exchange rate, but the euro’s value is an important point of reference. Olli Rehn, governor of the Finnish central bank, told Germany’s Börsen-Zeitung newspaper on Wednesday that the bank was “monitoring exchange rate developments very closely”.
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