The US dollar fell to a two-week low against the euro after the recent announcement of the creation of a mutual fund that could bring Europe closer to fiscal union to counter the economic impacts of the coronavirus pandemic.
France and Germany proposed the creation of a € 500 billion ($ 543 billion) recovery fund to provide grants to regions and sectors severely affected by the coronavirus crisis and to allow borrowing by the European Commission on behalf of the entire EU.
The European single currency rose 0.54% against the dollar to $ 1.0983, its highest level since May 1, and the main dollar index, which measures the currency’s performance against 6 major currencies, fell 0.42% to 99.138.
US Dollar Declines due to the EU Common Fund proposal
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