US dollar falls, euro hovers at four-month high as EU negotiates rescue fund

If progress is made during the negotiations, the euro could break through the technically significant US$1.15 level, which has not been touched since February 2019.[NEW YORK] The dollar was broadly lower on Friday as the euro rose to just under a four-month high, with negotiations underway between European Union leaders on a recovery fund that could lift the bloc out of the current recession.

EU leaders' views on a mass stimulus plan remained"diametrically different", Czech Prime Minister Andrej Babis said on Friday. The 27 EU heads are struggling to reach consensus on the 2021-27 budget, proposed at above one trillion euros, and a linked new recovery fund worth 750 billion euros, meant to help rebuild southern economies most affected by the pandemic.

The euro was up 0.49 per cent at US$1.144 late in the North American session, just off Wednesday's top of US$1.145, its highest since the coronavirus financial crash in March. "A positive outcome by the end of the EU summit Saturday could potentially be the euro's ticket to fresh highs for the year," said Joe Manimbo, senior market analyst at Western Union Business Solutions.

If progress is made, the euro could break through the technically significant US$1.15 level, which has not been touched since February 2019.

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