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


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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