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The euro is at its highest in two months against the dollar despite the tensions with China

The euro progressed yet this Friday against the dollar for the fourth day in a row, and then that optimism prevails in spite of us-china tensions.

read also : China is "on the brink of a new cold War" with the United States

Around 19: 00 GMT (21: 00 in Paris), the euro was gaining 0.13 per cent against the greenback, to 1,1091 dollar, after being mounted up to 1,1145 dollar earlier in the session, a level not seen for two months. "The willingness of the forex traders towards the euro has appreciated significantly after the presentation (Wednesday) a recovery plan is solid, if it is accepted by all 27 countries of the european Union, could provide a boost welcome to its economy," notes Joe Manimbo of Western Union. "The european recovery is perhaps the real driving force for the growth of the single currency, because it offers the hope of a future, more functional to the european Union, and in particular for the euro", abounds Ricardo Evangelista, analyst for ActivTrades. The european Commission has announced a plan of 750 billion euros on Wednesday to help the countries most affected by the pandemic. Powered by borrowing on a large scale on behalf of the EU, it will be redistributed to two-thirds in grants and one third in the form of loans.

setting The dollar on its side "remained on the defensive Friday, after the record loss of the engine of u.s. economic growth: consumer spending plunged 13.6% in April as the measures to prevent the spread of the coronavirus plagued the economy", adds the specialist.

Intervention of Donald Trump

market players were watching especially closely this Friday, speaking of Donald Trump, who had promised the day before to speak on China at the time in which subjects disputes between the two countries is growing. The american president has finally denounced China's behaviour vis-à-vis Hong Kong and announced a number of measures, including restrictions on entry in the u.s. for chinese students.

read also : Trump restricts the entry of chinese students

It has also announced that it launched the process of elimination of the exemptions granted to Hong Kong in the context of the revocation of his special status. Donald Trump has not discussed the possible revival of trade sanctions.

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