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The EUR/USD pair has pushed further beyond the 1.2200 mark for the first time since April 2018 as there are three factors propelling the shared currency, Yohay Elam, an Analyst at FXStreet, reports.

Key quotes

“Senate Majority Mitch McConnell jumped into talks on Capitol Hill and his urge to seal a deal for more relief has brought fresh impetus to the talks. While there are differences with some Democrats, optimism about a lame-duck accord is boosting sentiment. Markets would like a more generous stimulus but will take anything at this point. This weighs on the safe-haven dollar.” 

“The European Medicine Agency has brought forward its decision on the Pfizer/BioNTech vaccine to December 21 from the 29, and it could not come sooner. Germany has entered a strict lockdown on Wednesday and other countries are also struggling with a fresh resurgence of COVID-19. The US and the UK are already administering the inoculation. America’s Food and Drugs Administration published upbeat analysts of Moderna’s vaccine, paving the way for giving it the greenlight. US cases, deaths and hospitalizations continue rising – California order of 5,000 bodybags is especially grim.” 

“Rumors of an imminent accord in London proved wrong, but the intense talks in Brussels and silence from negotiators is a sign that the EU and the UK are making headway. The pound’s upswing is also dragging along the euro.”