US dollar slips amid rallying euro

The US dollar weakened in late trading on Thursday amid a strong momentum in the euro.

The dollar index, which measures the greenback against six major peers, was down 0.69 per cent at 98.3887.

The euro rallied after the European Commission on Wednesday proposed a recovery fund to help the world’s largest trading bloc recover from a coronavirus-prompted recession.

In late New York trading, the euro increased to $1.1089 from $1.0989 in the previous session, and the British pound increased to $1.2340 from $1.2253 in the previous session. The Australian dollar was up to $0.6658 from $0.6605, Xinhua reported.

The US dollar bought 107.64 Japanese yen, lower than 107.70 Japanese yen of the previous session. The US dollar decreased to 0.9634 Swiss franc from 0.9688 Swiss franc, and it decreased to 1.3760 Canadian dollars from 1.3779 Canadian dollars.