The United States Dollar, Euro, Swiss Franc, and Other News

The euro rose 0.41%, as the United States dollar fell. Moreover, already this month, the euro has fallen by about 1.36%. After hitting its lowest against the Swiss franc in almost five years earlier this week, it faced its biggest monthly fall since July last year.

The French President Emmanuel Macron warned that the European Union might collapse. He added that it needs to find a way of sharing the costs of the crisis. Moreover, the coronavirus exposed the vulnerability of the single currency.

Bank of America strategists wrote some stuff in a note to clients. They said that EUR’s status might have been evolving since the COVID-19 outbreak. Nevertheless, they are bearish going forward. That is because they expect European data to decouple further from the United States data. That is because of the lack of a coordinated European fiscal response – which they remain concerned about.

The United States

Investors are cautiously optimistic about the results of a drug trial. Moreover, there is the United States President Donald Trump’s plan to reopen the economy. It has regained some appetite for risk. Thus, on Friday, the dollar ticked lower.

The sentiment boosted, overnight, be a media report. Data came from experimental drug trials on severely ill COVID-19 patients at the hospital of the University of Chicago.

Moreover, there is news that Trump plans to reopen the largest economy of the world. Thus, investors are taking it as a positive sign. Nevertheless, Thursday’s jobless data showed that a record of 22 million Americans sought unemployment benefits in the last month.

Thus, the overnight move toppled the United States dollar. It has closely tracked sentiment of risk through the coronavirus crisis, with the dollar index last down 0.16% following a week high. Other safe-haven assets like Treasury yields were lower, while the S&P 500 index rallied 1.3%.

Moreover, against the euro, the British dollar, the United Stated dollar also fell.