The euro climbs to an 11-week peak as the dollar loses its safe-haven appeal and fells to its weakest since mid-March on investors’ optimism.
The safe-haven dollar hit an 11-week low damaged by risk-on mood among investors and riots in major U.S. cities over race and police brutality.
First-quarter economic numbers point to contraction at a fast pace as national economies still struggle due to the business inactivity caused by the coronavirus pandemic.
The US economy shrank at an even faster pace than originally estimated in the first quarter, as GDP fell by an annualized rate of 5% instead of 4.8%.
Wednesday’s reports that Brexit talks are at an impasse, and negative rates risk kept sterling down both against the dollar and euro.