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The euro rises against the dollar, supported by the plan of the Commission

The euro rose on Thursday against the dollar, continuing its momentum in the favour especially of Spain "received positively" to the plan franco-German for the European Union to revive the economies of the euro area.

read also : The Europeans at the foot of the wall on the future of the monetary union

Around 19: 00 GMT (20: 00 in Paris), the euro gained 0,78% to 1,1092 dollar, showing up for the third session on. "The strength of the single currency is the result of the plan of the european Commission aimed at supporting the economies of its members who have been affected by the coronavirus, with a total of 750 billion euros in the form of grants and loans", said Ricardo Evangelista, analyst for ActivTrades. While the bar 352.000 deaths in the world (more than three-quarters in Europe and the United States) was taken on Wednesday, the president of the european Commission Ursula von der Leyen has called on the 27 to "put aside the old prejudices" to support this plan to help exceptional. 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. According to Ricardo Evangelista, "this could be a moment of historic significance, marking the first step towards a form of debt mutualized pan-european".

The dollar, traditionally seen as a safe haven, has also suffered from a slight increase in risk appetite from investors, with the publication Thursday of indicators americans, reflecting the severe impact of the pandemic on the economy, but less bad than expected. The figures for weekly unemployment claims have shown, for example, only a little more than 2.12 million people had again pointed to the unemployment for the first time last week. But the total number of compensated unemployed people in the United States has also declined for the first time since the beginning of the crisis during the week of 10 to 16 may.

The yuan recovers

Other topic of interest to dealers, the yuan, which rose a little after falling Wednesday to its lowest level since September against the dollar, to 7,1777 yuan for a dollar, while the tone is still rising between the United States and China. "There are more and more speculation on the fact that the renminbi could experience a new period of depreciation, which upsets already in the other asian currencies," said Lee Hardman, an analyst for MUFG.

The United States has formally concluded on Wednesday that Hong Kong enjoyed more autonomy promised by China, paving the way for possible trade retaliation, which constitute the first response dramatically to an act of safe controversial desired by Beijing. Specifically, the administration of Donald Trump can now put an end to the status of preferential trade granted to the ex-british colony because of its autonomy. The american threat has been called "the barbarian" on Thursday by the representation in Hong Kong from the chinese ministry of foreign Affairs.

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