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Euro creeps higher on EU recovery fund optimism


Thursday, 28 May 2020 15:23 WIB

DOLLARCurrency Euro


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The euro continued to rise on Thursday, boosted by a 750 billion euro (673.70 billion pounds) EU plan to prop up the bloc’s coronavirus-hit economies, though gains were limited as doubts about delivering the scheme crept in.

The EU executive unveiled a plan on Wednesday to support economies hammered by the pandemic, hoping to end months of squabbling over how to fund a recovery that exposed faultlines across the 27-nation bloc.

The euro was last up 0.1% at $1.1016, having risen earlier to a two-month high of $1.1035. The euro was steady versus the Swiss franc at 1.0664, though the day prior it rose to nearly a three-month high.

An index tracking the U.S. dollar against major currencies was stable at 98.93 as the greenback held its own in a crosscurrent between rising Sino-U.S. tensions and optimism over recovering global growth as economies re-open.

Source : Reuters


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