EUR continues rally as EU moves forward with recovery funding

The US dollar falls for a third day as oil, gold and stock futures move higher. Despite opposition from Austria and the Netherlands, France and Germany move forward with plans for EU500bn recovery funding.  EUR/USD has rallied 1.2% this week as talks of recovery funding are agreed upon by France and Germany. European banks were allotted EU851bn from the ECB as part of a first round of a new liquidity facility.

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  • FX Rates
    May 20, 2020

    Rates are not real time. Rates are today's indicative mid-market rates as of time of publishing, which may vary. Please contact SVB for a current quote.

  • USD
    The US dollar trades lower for a third day as oil and gold strengthen. Broad dollar weakness comes as traders move away from risk-off trading and as stock futures climb.
    Sterling has moved slightly higher trading to a session high of 1.2276. Statements from UK Prime Mister Boris Johnson said that the country is testing more than other European countries and virus tracking will take place in June.
    News of recovery aid and liquidity facilities supported EUR/USD. The currency pair has gained 1.2% this week, trading to a high of 1.0980.

    Higher commodity prices have supported the loonie with USD/CAD down around 0.4%. The currency pair hit a two-week low yesterday of 1.3867.

    USD/JPY is trading lower ahead of the Bank of Japan meeting set for tomorrow. Higher oil prices supported commodity-linked currencies including the Australian and New Zealand dollar. NZD/USD rose as much as 0.7%.
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Cate Camerota
Cate Camerota

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