Investing.com - The U.S. dollar pushed higher in early European trade Wednesday amid doubts over a potential vaccine for the Covid-19 virus, but it’s been the euro which has shone the brightest as the Franco-German proposal for a common EU recovery fund gains traction.
The U.S. dollar edged lower Tuesday, with investors taking a cautiously optimistic view of the coronavirus pandemic's progress, and thus drifting out of the safe haven. At 3:10 AM ET (0700 GMT), the U.S. Dollar Index, which tracks the greenback against a basket of six other currencies, stood at 99.265, down 0.1%, while EUR/USD rose 0.2% to 1.0929 and GBP/USD rose 0.4% to 1.2557.
The U.S. dollar has sold off a touch Monday, as U.S. politicians squabble about the details of the latest rescue package, but its underlying strength points to more gains going forward. At 03:55 ET (0755 GMT), EUR/USD traded at 1.0709, up 0.1%. The U.S. Dollar Index, which tracks the greenback against a basket of six other currencies, stood at 103.265, down 0.2%.