Finance
Euro Dips to 3-Year Low Against Dollar Amid Coronavirus Pandemic
- Euro Dips to 3-Year Low Against Dollar Amid Coronavirus Pandemic
The Euro-area common currency plunged against the U.S dollar to a three year low of 1.069 on Thursday as coronavirus continues to spread across the region despite measures to contain it.
On Monday, a unit of the currency was exchanged for 1.1225 US dollar before plunging to 1.069 amid coronavirus outbreak as investors and businesses abandon the common currency for
On Monday, a unit of the common currency was exchanged for 1.1225 U.S dollar before plunging to a three year low on Thursday following the surged in the number of reported cases of coronavirus despite measures to contain the virus.
The renewed interest in the U.S dollar may not be unconnected to President Trump’s proposed $1 trillion stimulus package awaiting Senate approval. Trump had proposed a $500 billion payment for taxpayers to help them through this tough time. Also, he proposes $50 billion for affected airlines, another $150 for other affected businesses and a $300 billion business interruption loan to aid small businesses.