The Euro was on course for its largest intraday gain since August 05, 2019 this Thursday as stock markets and developing world currencies crumbled amid panic over the spread of coronavirus outside China, and multiple analysts have suggested it can go on rising at least in the short-term.
The Euro-to-Dollar rate was close to overcoming a key technical level on Wednesday that could relieve downward pressure on the exchange rate over the coming days, as some analysts tipped the single currency for outperformance if coronavirus further upsets global markets.
The Euro-to-Dollar rate was little changed last week but it's tipped by technical analysts to test a major 20-year trendline over the coming days just as fundamental headwinds are beginning to mount again for the single currency.
The Euro-to-Dollar rate rallied Friday after some influential IHS Markit PMI surveys surprised on the upside for February, inciting potentially misplaced hope that the common currency bloc will weather the coronavirus storm better than has been feared.
The Euro-to-Dollar rate rallied Thursday as major economy bond yields lifted off earlier lows, although the move came soon after minutes of the latest European Central Bank (ECB) meeting appeared to vindicate the market for its recently bearish view on the outlook.
The Euro was clutching for support Tuesday after Janaury's ZEW survey warned of more pain ahead for the troubled Eurozone economy, which threatens to push the single currency to new multi-year lows against the Dollar this quarter.