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Euro's Gains Support Asian Currencies After ECB Stimulus


Friday, 5 June 2020 08:05 WIB

Indeks Dolar EuroDolar ASDolar Australia,Yen Jepang


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The euro held big gains on Friday after the European Central Bank expanded its stimulus more than expected to prop up an economy dealing with its worst recession since World War Two.

The euro's gains helped support appetite for riskier currencies in Asia with the Australian dollar holding gains and the Hong Kong dollar higher.

The ECB increased its emergency bond purchase scheme by 600 billion euros, more than 500 billion expected by markets, to 1.35 trillion and extended the scheme to mid-2021.

The euro fetched $1.1338, having risen to as high as $1.1362 on Thursday, its loftiest level in almost three months. Its March 9 peak of $1.1495 is now seen as a next possible target. On the week, the single currency has risen 2.1% and is set to clinch a third straight week of gains.

The dollar index is on course for its third consecutive week of losses at 96.743, the lowest levels in nearly three months.

The dollar traded at 109.11 yen , off two-month high hit in U.S. trade. Unwinding bets on safe-haven currencies reflected broad optimism in financial markets as easing social distancing restrictions supported economic recovery hopes.

The Australian dollar , often seen as a risk proxy in the currency market, stood at $0.6947, having hit a five-month high of $0.6987 on Thursday.

Source : Reuters


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