Pound leaps ahead of European session as dollar drops

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The British pound has been the big mover in late Asian trading as the US dollar swung into negative territory.

Sterling, having traded flat to slightly weaker during the bulk of the Asian session, leapt to be as much as one-quarter of 1 per cent higher to $1.2507.

The euro, which had been slightly weaker against the US dollar during Asian trade, trimmed those declines trade flat at $1.08.

A drop in the dollar index, which had been up as much as 0.2 per cent on Thursday, gathered pace around 6.15am London time, and saw the gauge of the US currency against a basket of its global peers trade fractionally lower for the day at 99.654. This would mark a third straight day of declines for the buck, or the sixth loss in seven sessions.

With the dollar declining, the yen has trimmed losses. The Japanese currency is sitting 0.1 per cent weaker at ¥‎111.25 per dollar.

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