The euro gained some ground against the dollar after hitting its highest in almost three months against the greenback, a safe haven, weakened by investor optimism.

Around 10:00 a.m. GMT (11:00 a.m. in Paris), the euro gained 0.05% against the dollar, to 1.1898 dollars for one euro. Around 08:13 GMT, the single European currency had reached 1.1930 dollars for one euro, a level not seen for two months.

The index that compares the greenback to other major currencies, the dollar index, is moving at a level close to its lowest level for the year, reached in September.

“The dollar has again suffered from investor optimism,” summed up Derek Halpenny, analyst at MUFG, who cites the transition started between the presidency of Donald Trump and that of Joe Biden, as well as new announcements on vaccines against the Covid-19.

The dollar, a safe haven, retreats when the appetite for risk develops.

In a relatively peaceful market on Wednesday, however, some analysts were wary of sharp market moves, like the one that took the euro to a multi-month high that lasted less than half an hour.

“Prices have been yo-yoing recently for no clear reason,” said Ulrich Leuchtmann, an analyst at Commerzbank, who recalls that with the Thanksgiving weekend starting Thursday in the United States, trading volumes will be reduced and volatility can be increased tenfold.

In Europe, the British pound fell slightly (-0.15% against the dollar at 1.3337 dollars for one pound, -0.20% against the euro at 89.21 pence for one euro).

"The pound remains close to its recent highest in almost three months against the dollar", reached Monday at 1.2298 dollars for a pound, recalled Neil Wilson, analyst at Markets.com.

Negotiations between London and Brussels continue on a post-Brexit trade deal. While the last few weeks have been marked by sensational statements, "the absence of leaks in recent days is seen as a good sign," said Mr. Wilson.