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Euro Rallies on EU Recovery Fund Proposals, Yuan Falls


Wednesday, 27 May 2020 18:55 WIB

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The euro headed towards a two-month high on Wednesday after the European Commission proposed a coronavirus economic recovery package worth in total 1.85 trillion euros ($2.04 trillion).

The euro has struggled since falling in March, when investors rushed for the safety of dollars. But analysts say the recovery fund proposals, if they can win over EU members sceptical of an earlier Franco-German plan, could push the euro higher.

Should the European Commission approve the new proposal, "it would reduce the risk of a slump in peripheral Europe, notably Italy, and increase the likelihood of a synchronized recovery across the Continent,” said Marshall Gittler, an investment analyst at BDSwiss Group. "It would be positive for the euro.”

The euro rose as high as $1.1031before falling to $1.1017, still up 0.3%. The dollar, previously higher against a basket of currencies was last down 0.2% at 98.811. The dollar gained 0.4% at 7.1766 yuan, not far from the offshore yuan's record low of 7.1975 in September.

Source : Reuters


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