EUR/USD week 49

The euro touched $1.2175 on Thursday, its strongest level since April 2018, before trimming some of the gains to trade around $1.215. The common currency was helped by broad dollar weakness amid renewed hopes for a coronavirus vaccine and signs of progress towards US fiscal stimulus. On the monetary policy front, the ECB’s account of October’s policy meeting last week showed that the central bank’s decision to announce a recalibration of its monetary policy was not unanimous, while ECB members warned about the risks of tolerating a long period of weak inflation. On the economic data front, the Eurozone consumer prices remained in deflationary territory in November for a fourth straight month, while the PMI survey confirmed the bloc’s private sector economy returned to contraction for the first time in five months, amid new lockdowns. Last month, the euro gained 2.5% against the USD.

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