ANL 33.42 Increased By ▲ 0.67 (2.05%)
ASC 14.90 Increased By ▲ 0.52 (3.62%)
ASL 26.20 Increased By ▲ 0.70 (2.75%)
AVN 95.50 Decreased By ▼ -0.20 (-0.21%)
BOP 9.20 Increased By ▲ 0.05 (0.55%)
BYCO 10.06 Increased By ▲ 0.08 (0.8%)
DGKC 137.55 Increased By ▲ 2.25 (1.66%)
EPCL 50.76 Decreased By ▼ -0.49 (-0.96%)
FCCL 25.00 Increased By ▲ 0.31 (1.26%)
FFBL 25.30 Increased By ▲ 0.80 (3.27%)
FFL 15.73 Increased By ▲ 0.31 (2.01%)
HASCOL 10.93 Increased By ▲ 0.21 (1.96%)
HUBC 87.00 Increased By ▲ 0.26 (0.3%)
HUMNL 7.20 Increased By ▲ 0.10 (1.41%)
JSCL 26.90 Increased By ▲ 0.31 (1.17%)
KAPCO 39.69 Increased By ▲ 0.49 (1.25%)
KEL 4.12 Increased By ▲ 0.01 (0.24%)
LOTCHEM 14.82 Increased By ▲ 0.10 (0.68%)
MLCF 47.35 Increased By ▲ 0.51 (1.09%)
PAEL 38.40 Increased By ▲ 1.30 (3.5%)
PIBTL 11.75 Decreased By ▼ -0.08 (-0.68%)
POWER 10.70 Increased By ▲ 0.20 (1.9%)
PPL 90.68 Decreased By ▼ -0.82 (-0.9%)
PRL 27.44 Increased By ▲ 1.62 (6.27%)
PTC 8.92 Increased By ▲ 0.02 (0.22%)
SILK 1.43 Increased By ▲ 0.03 (2.14%)
SNGP 43.67 Increased By ▲ 2.60 (6.33%)
TRG 148.44 Increased By ▲ 0.74 (0.5%)
UNITY 31.20 Increased By ▲ 0.72 (2.36%)
WTL 1.52 Decreased By ▼ -0.02 (-1.3%)
BR100 5,013 Increased By ▲ 27.93 (0.56%)
BR30 26,048 Increased By ▲ 215.27 (0.83%)
KSE100 46,155 Increased By ▲ 190.29 (0.41%)
KSE30 19,305 Increased By ▲ 68.79 (0.36%)
Markets

Dollar weakens as euro climbs on EU common fund proposal

The euro also found strength from survey data on Tuesday that showed German investor sentiment improved much more t
20 May 2020
  • The euro also found strength from survey data on Tuesday that showed German investor sentiment improved much more than expected in May.
  • "The euro is challenging yesterday's highs vs. the dollar as well as major peaks achieved in early May and April," said Joe Manimbo, senior market analyst at Western Union Business Solutions in Washington.
  • The US Dollar Currency Index, which measures the greenback's strength against six major currencies, was down 0.42% at 99.138, on pace for its third straight day of losses.

NEW YORK: The US dollar fell to a more than two-week low against the euro as the common currency enjoyed a boost from the recently announced proposal for a common fund that could move Europe closer to a fiscal union as it tries to counter the economic hit from the coronavirus pandemic.

France and Germany have proposed a 500 billion euro ($543 billion) Recovery Fund to offer grants to regions and sectors hit hardest by the coronavirus crisis and to allow borrowing by the European Commission on behalf of the whole EU.

The euro also found strength from survey data on Tuesday that showed German investor sentiment improved much more than expected in May.

"The euro is challenging yesterday's highs vs. the dollar as well as major peaks achieved in early May and April," said Joe Manimbo, senior market analyst at Western Union Business Solutions in Washington.

The single currency was up 0.54% at $1.0983, its highest since May 1.

The dollar found little support from the release of the minutes of the US Federal Reserve's most recent policy-setting meeting, which showed policymakers agreed to use their tools "as appropriate" to support the economy and re-upped a pledge to keep interest rates near zero.

The US dollar, which draws flows when investors shun risk, was broadly weaker on the day as market participants appeared to bet on hopes of a strong economic recovery from a coronavirus-fueled slump.

The US Dollar Currency Index, which measures the greenback's strength against six major currencies, was down 0.42% at 99.138, on pace for its third straight day of losses.

The risk-sensitive Aussie dollar rose 0.98% to a 10-week high against the US currency.

Sterling fell 0.14% against the US dollar after data showed UK inflation fell to 0.8% in April, its lowest in nearly four years.