Euro on track for first monthly profit in 2020

Euro rose in European trade for the fourth straight session against the dollar, marking two-month highs and on track for the first monthly profit in 2020 on the massive stimulus plans announced by the European Commission to support the euro zone. 

EUR/USD rose 0.3% to 1.1114, a March 30 high, after closing up 0.7% yesterday as the greenback declined against main rivals. 

The common currency rose 1.9% this week on track for the second weekly profit in a row and the largest in two months. 

Euro is also up 1.5% on the dollar in May, heading for 2020 first monthly profit. 

The commission announced a plan of 750 billion euros to deal with the Covid 19 crisis, the worst since the thirties. 

According to plans, Italy and Spain are the two most affected countries, and thus will take the long's share of the fund, with Rome getting 173 billion euros, while Madrid will take 140 billion euros, some are grants and some are loans. 

Upbeat data for many major sectors in the European economy in May also bolstered the euro as economies relax strict quarantine measures. 

Later today, European inflation data will be released, with consumer prices expected up 0.1% in May, slowing down from 0.3% in April, while core prices are expected up 0.8%.