The European Commission approved on Thursday Denmark's national plan to recover from the pandemic and make the economy greener and more digitalised, worth 1.5 billion euros. The cash will come from money borrowed by the European Commission on the markets and consist only of grants, to be disbursed in instalments until 2026. The Commission's approval now has to be also endorsed by EU finance ministers in July, allowing for the disbursement of 200 million euros to Denmark in pre-financing for projects envisaged by the scheme.
(Bloomberg) -- The pound’s popularity in cross-border payments tumbled to its lowest level in more than a decade as the U.K. navigates the post-Brexit landscape, while the euro edged out the dollar for the top spot last month.Sterling’s market share has dropped for four straight months and in May registered the lowest usage since at least 2010, when the Society for Worldwide Interbank Financial Telecommunications started tracking the data. In contrast, the euro overtook the dollar for the first
The European Commission approved on Thursday Greece's national plan, worth 30.5 billion euros ($36.5 billion), to recover from the pandemic and make the economy greener and more digitalised. The cash will come from money borrowed by the European Commission on the financial markets. "The plan will help Greece build a better future," EU Commission Presideent Ursula von der Leyen said in Athens at a presentation in the agora near the Acropolis, an ancient gathering place for commerce and politics.
The European Commission approved on Thursday Greece's national plan to recover from the pandemic and make the economy greener and more digitalised, worth 30.5 billion euros. The cash will come from money borrowed by the European Commission on the markets. The Commission's approval now has to be also endorsed by EU finance ministers in July, allowing for the disbursement of 4 billion euros to Greece in pre-financing for projects envisaged by the scheme.
(Bloomberg) -- The Federal Reserve’s hawkish turn prompted both Goldman Sachs Group Inc. and Deutsche Bank AG to abandon their calls that the euro will rally against the U.S. dollar.The euro dropped as much as 1.1% to 1.1994 per dollar on Wednesday -- the biggest tumble since April 2020 -- after policy makers signaled the Fed would boost interest rates twice by the end of 2023, which surprised markets. Some even forecast a move next year. The currency breached 1.20, which suggests to some trader
Euro gained against the Great British Pound and the US Dollar today as German ZEW Economic Sentiment and European ZEW Economic Sentiment data were very positive, despite the prolongation of restrictions in Europe until mid-February.
At 3:55 AM ET (0755 GMT), the Dollar Index, which tracks the greenback against a basket of six other currencies, was down 0.2% at 92.597. EUR/USD climbed 0.1% to 1.1848, USD/JPY fell 0.1% to 104.53, while the risk sensitive AUD/USD rose 0.3% to 0.7287.
Trump once again shook the market with his Friday Tweet regarding the Stimulus bill where he wanted the deal to be completed ASAP, as a result, Gold and other commodities surged while the US Dollar Index plummeted.
News that AstraZeneca (NYSE:AZN) has resumed late-stage trials of its Covid-19 vaccine candidate, coupled with Pfizer (NYSE:PFE) CEO Albert Bourla saying its candidate has a “good chance” of submitting key data from late-stage trials by the end of October, has created a more positive attitude to risk, hitting the dollar. “Despite its profound fall in the past few days, we expect the pressure on GBP to continue building ... as until-recently complacent investors adjust to the new reality of a heightened no-deal Brexit risk and start/continue building GBP shorts,” ING added.
At 2:50 AM ET (0650 GMT), the Dollar Index, which tracks the greenback against a basket of six other currencies, was down 0.2% at 93.090, with EUR/USD up 0.2% at 1.1829. The euro has pushed higher, helped by Bloomberg News reporting that ECB officials are growing more confident in the bloc's economic outlook. With this in mind, traders will be following this ECB meeting closely.
The dollar gained in early European trade Wednesday, with the sharp selloff in U.S. equity markets prompting traders to ditch riskier currencies in favor of the world's reserve currency. "The tech selloff has caught the market by surprise and it is a bit jittery as to whether there are broader implications," said Bank of Singapore currency analyst Moh Siong Sim, in a Reuters report. EUR/USD slipped 0.1% to 1.1768, continuing to retreat from the 1.20 level it briefly touched last week before European Central Bank chief economist Philip Lane’s comments that the exchange rate mattered to monetary policy.
GBP continues to drop as UK aims to close the deal by October 15, though EU doesn’t want to accept trade deals. Boris Johnson said that London is ready for trade relations with the European Union in accordance with WTO norms, if the parties fail to come to an agreement that would suit the British side.