Euro climbs above 1.17 for first time in two years

Euro rose on Monday against dollar for the seventh straight session, trading above 1.17 for the first time in two years following the historic financial rescue deal in Europe. 

EUR/USD rose 0.7% to 1.1725, the highest since September 2018, after closing up 0.5% on Friday, marking the longest winning streak since May. 

Euro rose 2% last week, the fifth weekly profit in a row and the largest since March. 

After long and difficult negotiations, EU leaders reached a historic deal to launch a fund to support most impacted nations from Covid 19. 

The fund amounts to 750 billion euros, with the European Commission tasked with gathering the sums, with the fund considered the biggest financial collaboration in the history of the EU. 

Earlier European data showed excellent growth in the industrial and services sectors, in turn bolstering risk appetite and euro.