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Euro in The Ascendancy on The Back of ECB Stimulus


Friday, 5 June 2020 15:37 WIB

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The euro climbed to a three-month high on Friday and was set for a third straight week of gains after the European Central Bank expanded its stimulus programme.

The euro rose to $1.1380 against a weakening dollar, its highest level since March 10, and was on course for a weekly jump of 2.5% and a ninth straight day of gains.

This would represent the euro's longest series of rises on record since October 2004, while the dollar index is on course for its third consecutive week of losses at 96.611, staying near its lowest in nearly three months. The ECB raised its emergency bond purchase scheme to 1.35 trillion euros and extended it to mid-2021.

Against the Swiss franc the euro hit a fresh five-month high 1.0864 , while the European single currency rose to a 13-month high against the yen at 124.42.

Source : Reuters


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