Monday, 13 Jul 2020 08:33 PM MYT
The dollar ended its third week of losses on Friday as investors bought into risk-sensitive currencies on bets that the worst of the pandemic’s sweeping impact was over. “We expect a broad dollar decline to continue, supporting emerging market FX and see euro/dollar at US$1.15 in 3 months,” Lars Sparresø Merklin, senior FX analyst at Danske Bank, said in a note to clients.
Hopes for development of drugs and vaccines for the disease are also supporting risk sentiment. So are economic indicators that have so far shown a recovery from lockdowns. Strategists at ING Bank said in a note that they see the dollar’s recent downtrend consolidating this week.Looming large for the single currency this week is a European Union summit on July 17-18, where leaders need to bridge gaps on a long-term budget. Investors will also watch for whether an agreement on a proposed 750 billion-euro recovery fund for the bloc emerges.
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