EUR/USD at two-week lows

EUR/USD fell in European trade on track for the sixth straight decline to near two-week lows, as the dollar remains a favorite haven currency. 

The pair lost 0.1% to 1.0798, after closing down 0.5% on Friday, marking two-week lows at 1.0772. 

The pair lost 3% last week, the third weekly loss in a month as dollar remained a magnet for haven seekers amid the global fallout from the Covid 19 pandemic. 

The dollar index rose 0.1% on Monday on track for the fourth profit in a row. 

On Friday, US data showed payrolls fell by the steepest rate since 2009 in a clear sign of huge collapse in economic activity due to social distancing measures. 

The US economy alongside the global economy will enter a deep recession due to the Covid 19 pandemic and global consternation, with the crisis expected to extend for months.