Euro hits new four-month highs after EU strikes stimulus deal

The euro reached its highest level since early March after the European Union agreed on a deal for a massive stimulus package to support the bloc’s economy from the coronavirus pandemic.

The deal was finalized after a round of compromises between the thrifty northerners and the more extravagant countries in the EU. 

The deal lifted the euro by 0.2% to $1.1470, its highest since March 9. 

Adding to the broader appetite for the euro and other commodity currencies were the positive results from two COVID-19 early vaccine trials.

The dollar index sat at 95.813, while the commodity currency Australian dollar rose 0.5% to $0.7049, its strongest since early June. 

The pound was also lifted by the risk sentiment, growing 0.4% to 1.2716 on the dollar. It gained 0.3% to 90.16 pence per euro.

Markets were generally steady, with most currencies trading in ranges.

The Japanese yen was flat at 107.31 per dollar.