Euro in Recovery Thanks to Germany

Euro posted gains at the start of the European session on Monday; these gains come after reliable German data and coronavirus stimulus plan.

The EUR/USD pair reached 1.1298 at 10:15 GMT, with an increase of 0.46%, while Euro rose against British pound to 0.904, by 0.35%

German factory orders increased by 10.4% in May with the easing of lockdown, which led to a recovery in orders, raising hopes for a recovery in Eurozone.

Markets are awaiting further evidence of EU Coronavirus Recovery Fund and EU summit; The leaders of the 27 EU member states will meet in Brussels on July 17, their first physical summit since the coronavirus lockdown began, to discuss an economic recovery package and the EU’s next seven-year budget. The US dollar index, which measures the strength of the greenback versus 6 currencies, was down 0.5% to 96.852.