Most major currencies flew higher during the opening of the European session, showing euro trading easily breaking the 1.20,000 price level against the US dollar.
This is driven by encouraging news from reports that say Pfizer and BioNTech will supply the European Union (EU) with an additional 100 million doses of Covid-19 vaccine.
This will further strengthen market optimism to see a stronger and faster recovery in Europe in the second half of this year with the impetus from vaccine launches.
Meanwhile, the focus of euro investors is now targeted at the European Central Bank (ECB) policy meeting on Thursday and the publication of European manufacturing and services PMI data on Friday.
The rise also followed the decline of the greenback dollar to a one -month low against most major currencies. At the time of writing, the dollar index plunged lower to around 91.15.
The pound, continued to rise higher after successfully breaking the 1.38000 price wall in the previous Asian session, and is now trading strong at 1.38850 against the USD.
Meanwhile, the Aussie dollar, kiwi and loonie also benefited from the depreciation of the US dollar, as well as supported by rising commodity prices and the reopening of free travel between Australia and New Zealand which will certainly further enhance the recovery of both countries.
