EUR/USD tops 1.09 amid coronavirus-related USD weakness, reports of German fiscal support
|EUR/USD has recaptured the 1.09 level, completing a climb of around 130 from the 2020 low of 1.0777.
The immediate trigger is a report in Die Zeir, a German outlet, saying that authorities are planning to allow local governments to break the debt brake – thus allowing increased spending. The continent's largest economy has been generally reluctant to open its purse strings.
The US dollar is on the back foot amid falling bond yields, a result of safe-haven flows related to the coronavirus outbreak.
The euro is advancing despite the recent fears stemming from the spread of the disease in Europe. Italy has reported a total of 372 cases, France has confirmed the first death related to the illness, and Greece has joined the list of countries where coronavirus has been seen.
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