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The EUR/USD pair showed rapid growth since the end of March against the backdrop of the desire of France and Germany to shoulder the burden of responsibility for the fate of the EU and the ECB's willingness to protect the eurozone countries affected by the coronavirus pandemic to the last drop of blood. In addition, Moderna, an American biotechnology company, reported positive early test results for the COVID-19 vaccine. This allowed US stocks to soar above April highs and put pressure on the greenback.
The failure of European leaders to agree on a fiscal stimulus, the decision of the German Constitutional Court regarding the validity of the European QE, as well as the increased demand for the US dollar as a safe haven asset kept the EUR / USD bulls in the stall due to expectations of a wave of S&P 500 sales. However, as soon as the trump cards of their opponents turned out to be bits, the main currency pair confidently went uphill.
On the eve of a video conference, German Chancellor Angela Merkel and French President Emmanuel Macron voiced a proposal to create a fund of € 500 billion, from which assistance will be provided to the countries most affected by the pandemic in Europe. The fund is planned to be financed by issuing bonds, which will be repaid from the EU budget. Apparently, it may still be coronabond, but in a slightly different form than previously assumed.
The euro was also supported by the lack of concern of the ECB president Christine Lagarde, both regarding the pandemic-related quantitative easing program and the QE launched in 2015. According to her, the regulator does not see obstacles to achieving its goals, and each central bank in the eurozone is independent and should not receive instructions from national governments. It seems that the ECB is not going to give an answer to the judges from Karlsruhe and to stop supporting the countries affected by the pandemic of the currency bloc.
Positive news from the Eurozone, along with the clear position of the ECB, allowed the single European currency to come to its senses. The US stock indices were also helping the euro, inspired by reports of the vaccine against COVID-19, as well as the Fed's chairman Jerome Powell's statement on the regulator's readiness to keep the interest rate close to zero until it is sure that the United States economy has experienced all the hardships.
The EUR / USD pair managed to rise above the base of the 9th figure, and if the tension between Washington and Beijing does not escalate, it can continue to grow towards the upper limit of the medium-term consolidation range of 1.0650–1.1150.
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