The Euro is trading higher on Thursday for a fifth session after erasing earlier losses fueled by optimism of a closer fiscal union in Europe. Rising tensions between the United States and China as well as weak Euro Zone economic news put pressure on the single-currency earlier in the session.
Short-covering ahead of key U.S. economic reports could also be providing support. These include Weekly Jobless Claims at 12:30 GMT and Flash Manufacturing PMI at 13:45 GMT.
France and Germany proposed a 500-billion-Euro ($543 billion) recovery fund on Monday to offer grants to regions and sectors hit hardest by the coronavirus pandemic, raising hopes that European policymakers were taking more decisive steps to tackle the economic damage.
On Thursday, the Euro fell into negative territory as fresh data again showed the devastating impact of the coronavirus on the Euro Zone economy, though the situation eased as some governments partially lifted lockdowns.
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