Forex

Euro declines as Coronavirus second wave spreads

2020-10-26 11:00:59 GMT (Economies.com)

Euro fell in European trade against dollar as a second wave of the coronavirus spreads, threatening to damage the global economy's hesitant recovery. 

 

EUR/USD fell 0.35% to 1.1813, after closing up 0.3% on Friday, closing near a five-week high at 1.1880. 

 

The common currency rose 1.2% last week, the third weekly profit in a row and the largest since July. 

 

Back then, investors hoped for progress in US Covid relief talks before the November elections. 

 

France and the US marked fresh record highs in Covid 19 daily infections for two subsequent days, while Spain announced a new emergency state. 

 

US House President Nancy Pelosi said she expects a response from the White House on Monday in regards to the financial relief package. 

 

Investors now don't expect the new rescue bill to be passed before the US Presidential elections, damaging sentiment further.

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