An Oxford University public health study has found that the two most commonly used COVID-19
The EUR/USD has been trading at 1.2255, up 0.34% on the day and has even touched a daily high of 1.2262. This has been the pair’s highest level since January 2021.
According to FX Street, “The EUR/USD pair trades above 1.2200, as the greenback fell this past week, on the back of speculation that the US Federal Reserve will have to tighten its ultra-loose monetary policy sooner than anticipated. Fed chief Jerome Powell has repeated multiple times that the current policy will remain in place until they see “substantial further progress” toward its goals of full employment and price stability.
The Euro has had a steady increase early this week and continued to surge through Tuesday. The main reasons for its growth have been news that the German Ifo Business Confidence Index performed excellently in May (the index’s reading came in at 99.2, up from 96.8 and above the forecasted of 98.2) and COVID-19 cases dropping all over Europe. The index’s performance has accelerated over the last four months, and its surge has brought overall confidence to the European business sector.
One of the main reasons for overall positivity around the Euro has been high expectations for the tourism industry restarting this summer. With a big part of the European population already vaccinated, it seems that the pandemic is coming to an end. This comes after over a year and a half of the world being in a practically permanent lockdown.
Despite Germany’s weak GDP for the first quarter of 2021, the country came in at -3.2% (YoY) and -1.8% (MoM). No negative sentiment was felt against the Euro. All the EU member states, including Germany, have suffered through the third way of COVID-19 in early 2021. Germany’s economy is technically in decline, but the successful vaccine program has kept investors positive.
According to a top EU official, the EU plans to reopen for the summer season and is on a safe track to welcome back tourists following the pandemic. During a recent summit, the president of the European Commission, Ursula von der Leyen, announced that over 300 million vaccines would have been delivered to member states by the end of this week, with another 100 million expected by June.
“It is undeniable that we have made great progress since May, we see cases and hospitalization on a downward trend,” Ursula von der Leyen commented. She added that the bloc is very likely to achieve its goal of vaccinating over 70% of its adult population by the mid-summer.
“If we continue like this, we have confidence that we will be able to safely reopen our societies,” she added.
The bloc agreed that by the end of 2021, they would donate at least 100 million vaccines to low- and middle-income nations. The donations may not stop at 100 million.
“Member states have expressed the views which lead us to believe that we actually go beyond that capacity to deliver 100 million doses to our partners,” said Charles Michael, president of the European Council, at the news conference.
Legal disclaimer: The material does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instruments. Ebrókerház Ltd accepts no responsibility for any use that may be made of these comments and for any consequences resulting in it. No representation or warranty is given as to the accuracy or completeness of this information. Consequently, any person acting on it does so entirely at their own risk. The information presented does not involve any specific investment objectives, financial situation, and needs of any specific person who may receive it. Past performance does not constitute a reliable indicator of future results and future forecasts do not constitute a reliable indicator of future performance.
Please consider that no news or information shared, nor any content included in any other document available in this website, should be understood in any way, either explicitly or implicitly, directly or indirectly as investment advice, recommendation, or a proposal for an investment strategy related to a financial instrument, as these are made available to you solely for information purposes. The data and information disclosed in the news or in the website, or the analyses attached to trading charts, only reflect the result of a technical analysis done by a professionally independent third party and may change without any prior notice.