The UK pound extended gains on Thursday amid expectations a long-elusive Brexit deal was imminent, raising hopes the UK can avoid a turbulent economic rupture on New Year's Day. The US dollar was on the back foot in holiday-thinned trading as hopes for an agreement that would protect some US$1 trillion in annual cross-channel trade from tariffs and quotas sapped demand for the safest assets, Reuters reports. The pound strengthened by 0.4 percent at US$1.3546 in Asian hours after gaining by 0.9 percent in the previous session to snap a three-day losing streak. The US dollar index was at 90.233 following Wednesday's 0.3 percent slide. The euro strengthened 0.1 percent at US$1.22030, adding to a 0.2 percent gain overnight.

Source: The Standard December 24, 2020 08:23 UTC