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The single currency rose on Monday to hit a four-month high against the US dollar on traders’ speculation about the European Union summit and the possibility of reaching an agreement regarding a huge recovery fund for the region.
EUR/USD rose 0.2% to 1.1443 after reaching a four-month high of 1.1467, while EUR/GBP fell 0.3% to 0.9118.
The leaders of the European Union have not yet agreed on how to structure the proposed recovery fund, which totals 750Bb euros, and conditions have not been agreed upon among the countries, especially the Mediterranean countries.
Tough negotiations just came to an end, ”Austrian Chancellor Sebastian Kurz said in a tweet, earlier Monday. “We can be very happy with today’s result. It will continue this afternoon. ”
On the other hand, the dollar was unable to make gains despite the increase in cases of Covid 19 to more than 14.5M and more than 600,000 around the world, according to Johns Hopkins University data.
These numbers could push US policymakers to reach an agreement for more measures to stimulate the country, especially with the release of some policies in July.
