The euro has strengthened this morning due to positive economic data from Germany and hopes that the EU will be able to deliver their coronavirus recovery plan.
German factory orders rose 10.4% in May. This was due to demand increasing after the country loosened restrictions to contain the spread of the coronavirus, adding to evidence that Europe’s economy is starting to recover.
On Thursday, the euro area’s finance ministers will meet to discuss details of the coronavirus recovery plan before the summit between EU leaders next week.
