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The euro at four month high versus the dollar

The euro strengthened by Friday versus the dollar, reaching an exchange rate of $1.14 –  a level not seen since mid- March – ahead of the weekend European summit.

This rise in the Euro currency is fueled by “hopes that the EU stimulus package will be accepted after German Chancellor Angela Merkel and Spanish Prime Minister Pedro Sanchez pledged to move forward” on this project, Fiona Cincotta, analyst for City Index explains.

Earlier in the week, however, the German Chancellor said she was uncertain whether the leaders of the 27 EU countries would reach an agreement on the 750 billion euro recovery plan proposed by the Commission.

The Brussels Times