XE Market Analysis: Europe – Jul 22, 2020

The euro, along with the Aussie and Kiwi dollars, posted fresh highs against the dollar and yen, despite a backdrop of flagging stock markets. EUR-USD reached its highest level since January 2019, at 1.1547, the culmination of what has now been a five-week rally. EUR-JPY pegged a fresh six-week high at 123.34. Most other euro crosses are also firmer, though remain below recent highs. Cable settled in the lower 1.2700s, below Tuesday’s six-week peak at 1.2768.