Euro appreciated 0.63%

On Wednesday, May 27, the Euro appreciated 69 pips or 0.63% against the US Dollar. Note that the European Common Currency appreciated against other major currencies as well.  

It is likely that the Euro extended gains as the European Commission announced it planned to borrow on the market and then pay out to the EU countries €750B in grants and loans. These measures are aimed to support the EU countries during the coronavirus crisis.  

Most of the funds would be disbursed to Italy and Spain, the worst affected by the pandemic. It is planned to pay €313B to both countries.