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March 25, 2021

European Currency In Focus, EU Summit Expected

 The dollar index extended its strength to its highest level since November 2020, trading stronger at 92.70 against a basket of major currencies.


Global stock markets were at a two-week low due to a massive sale of Chinese tech stocks amid fears it would be delisted from the American stock exchange.


This has given impetus for the US dollar to continue to maintain its upward momentum until the European session.


The euro continues to be under pressure due to European response differences lagging far behind that of the United States in dealing with the Covid-19 pandemic.



German Chancellor Angela Merkel’s decision to cancel her plans for the implementation of the lockdown on the Easter Day holiday, did not raise sentiment much.


The pound traded steady against the USD after posting a two-day decline due to concerns that the European Union (EU) may restrict vaccine exports to Britain.


However, tensions between the UK and the EU eased again after the two sides issued a joint statement to work together in creating a win-win situation to address the issue of vaccine supply.


A meeting of EU leaders at the summit on Thursday and Friday will likely offer a solution to the vaccine supply problem.