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Euro pops above $1.13 – first time since September

The euro’s blistering rally hit another milestone on Tuesday with the currency climbing above $1.13 against the greenback for the first time since last September after a cautiously upbeat assessment of the inflation outlook by European Central Bank chief Mario Draghi.

The shared currency’s rally gathered pace as US markets opened, reaching a peak of $1.1305. The 1.1 per cent advance took it to its highest against the dollar in over nine months, narrowly edging past November’s peak of $1.1299.

The euro rally also comes amid a wider trend for a weaker dollar, although it also strengthened by 0.6 per cent against the pound, with a euro buying £0.8840.

The day’s gain extend the euro’s year to date advance against the dollar to 7.3 per cent, making it the best performing G10 currency against the greenback so far in 2017.