The Euro reached its 12-week maximum against the American dollar right after the European Central Bank strengthen its stimulus package for the eurozone economic recovery. The Euro has grown in more than a percent.
The European Central Bank has increased the volume of its Pandemic Emergency Purchase Program (PEPP) to €1,35 trillion from prior planned €750 billion. Moreover, the ECB has prolonged purchase terms up until June 2021, and these purchases can be later prolonged till the end of 2022.
According to analysts, this is a clear signal that the European Central Bank is ready to significantly strengthen impulses leading to faster economic recovery of the eurozone. Thanks to these measures, the eurozone could recover from the pandemic faster than British of American economy.
The decision by ECB has positively impacted the Euro, when it grew in more than a percent against the U.S. dollar. 1 euro currently sells for 1.1361; while on Wednesday it was traded around 1.1349 against the dollar. The unified European currency has appeared in the highest levels against the dollar since 11th March 2020. Therefore, the Euro appears in its strongest value of past 12 weeks.