Euro Resumes its Gains

The Euro rose in Europe on Tuesday against a basket of global currencies, to resume its gains after two days of losses against the US dollar, again approaching the highest level in 26 months, taking advantage of the decline in USD.

The Euro rose against the dollar by 0.4% to $ 1.1802, and the opening price of trading today was $ 1.1761, and recorded the lowest level at $ 1.1752.

The Euro ended yesterday’s trading down 0.1% against the dollar, in the second daily loss in a row, due to corrections and profit taking from the highest level in 26 months at $ 1.1908

The single European currency, the Euro, has increased nearly 5% against the US currency in the past month, in the third monthly loss in a row, with the largest monthly gain since September 2010.

The biggest monthly gain in ten years is mainly due to the launch of a massive financial stimulus package to save the European economy from the Covid-19crisis, along with a sharp drop in US currency levels against a basket of major and minor currencies.

The dollar index fell 0.2%, first loss in the last three days, reflecting the decline greenback.

The US dollar faltered again due to the political dispute between the Democratic Party and its Republican counterpart over the Covid-19 pandemic relief plan, as well as the grim economic outlook.