Euro Reaches Two Year High, Dollar Continues To Dip – 3 December, 2020

Investors were quick to move their bets on the euro as optimism about the coronavirus vaccine sets in, putting the currency on track for its best week in a month. The euro gained 1.5% to $1.2145 for the week so far having attempted to breach the $1.2000 mark with little luck for almost two years. Against the yen, the euro is set for its best week in six months. The dollar was down against a basket of major currencies, having shed nearly 12% since the beginning of the outbreak, hitting a 2 1/2- year low at 90.504. The yuan was at a 29 month high of 6.5358 per dollar, and the Aussie and kiwi eased slightly after hitting a more than two year high. The Australian dollar was 0.2% lower at $0.7427, and the New Zealand dollar was slightly softer to $0.7061. Both currencies are on track for a fifth consecutive week of gains.