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Euro jumps vs dollar, Swiss franc on Franco-German proposal for EU fund, joint debt

Published 18/05/2020, 18:26
© Reuters.

May 18 (Reuters) - The euro jumped on Monday against the
dollar and Swiss franc after Germany and France issued a call
for a 500 billion-euro recovery fund for Europe and proposed to
allow the European Commission to borrow money on markets to
finance the fund.
The single currency rallied to a near-two week high at
$1.09225 EUR=EBS against the euro, while against the Swiss
franc, it rose 1.3% to the highest since early-March, posting
its biggest one-day rise since April 2017 EURCHF=EBS .
The Franco-German deal, described by French president
Emmanuel Macron as a major step forward, seeks to break the
impasse over joint euro debt and act as a blueprint for a wider
EU agreement.

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