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The euro has two advantages over the dollar thanks to Europe’s relative success in beating coronavirus and EU Fund hopes, according to FXStreet’s analyst Yohay Elam. EUR/USD is gaining 0.13% at 1.1390 as of writing.

Key quotes

“Powell continued urging the Federal government to extend its support. While he did not touch on specifics, he may have referred to the expiry of several support programs in late July. Republicans may eventually push through an extension, but they seem reluctant at the moment.”

“The ‘Frugal Four’ – Austria, Denmark, the Netherlands, and Sweden – seem to relent on their objections to the ambitious EU Fund program. The common currency currently has an advantage on the fiscal stimulus front, contrary to the earlier days of the disease.”

“Coronavirus cases and deaths remain depressed in the old continent, which continues its cautious return to normal. Jumping to the other side of the world, California is suffering from an increase in hospitalizations – reaching the highest in a month – following the footsteps of Texas. Concerns about Florida are persisting for several days. The illness is far from being under control and struggling states seem unwilling to change course and halt the reopening process.”

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