XE Market Analysis: Europe – Jul 20, 2020

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The euro has been in the outperforming lane amid signs that EU leaders are heading for a compromise on the EU recovery fund. The EU leaders’ summit has been dragging on since Friday, and will resume today at 14:00 GMT (10:00 ET). EUR-USD pegged a fresh four-and-a-half-month high at 1.1467, drawing nearer to the early March peak at 1.1494, which is the loftiest level seen since January 2019. EUR-JPY lifted by over 0.5% on route to a six-week high at 122.98, and EUR-GBP lifted to a three-week high at 0.9140. Elsewhere, Cable recouped to levels near 1.2550 after ebbing to a 1.2519 low.