Euro on track for biggest monthly profit in 10 years

2020-07-31 10:36:41 GMT (Economies.com)
Euro on track for biggest monthly profit in 10 years

EUR/USD rose to 26-month peak on track for the largest monthly profit in ten years after the historic financial rescue deal in Europe. 

 

EUR/USD rose 0.5% to 1.1908, the highest since May 2018, after closing up 0.5% yesterday. 

 

 The dollar index shed 0.2% on Friday on track for the third loss in a row, marking two-year lows at 92.55. 

 

The US Federal Reserve voted on Wednesday to maintain rates near zero while asserting its readiness to use all available tools to bolster the economy against the pandemic.

 

The Fed stressed after its 2-day meeting that a full economic recovery will depend on containing the coronavirus pandemic.

 

Euro is up 6% so far against dollar in July, which would be the largest monthly profit since September 2010. 

 

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. 

 

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

 
 
 
  Symbol Last Change Chg.%
1.1785
0.0075
0.6435%
1.3052
0.0037
0.2828%
Tadawul
7499.97
10.08
0.13%
28.209
3.962
16.340%
41.550
1.115
2.757%
44.64
-0.45
1.00%
2032.160
62.805
3.189%
 
 
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