With support from a French-German proposal, the euro jumps against the US dollar

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The European euro jumped on Monday against the US dollar and the Swiss franc after Germany and France issued an invitation to establish a 500 billion euro economic recovery fund and proposed to allow the European Commission to borrow money in the markets to finance the fund.
The euro rose to a two-week high against the greenback at $ 1.09225 and rose 1.3 per cent against the Swiss franc to the highest level since early March, marking the largest one-day increase since April 2017.
The Franco-German accord, which French President Emmanuel Macron described as an important step forward, seeks to break the deadlock over the common debt of the euro area and be a preliminary plan for a broader agreement that includes the European Union.





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