Euro jumps to 12-week high as ECB increases stimulus

The single currency gained 1.04% to $1.1349, after earlier reaching $1.1361, the highest since March 11. It has gained for eight consecutive sessions.The dollar index, which measures the greenback against a basket of major currencies, fell 0.67% to 97.675.

NEW YORK: The euro jumped to a 12-week high against the U.S. dollar on Thursday after the European Central Bank increased stimulus to shore up economies hurt by the coronavirus pandemic.

The ECB increased the size of its Pandemic Emergency Purchase Program (PEPP) to 1.35 trillion euros (US$1.52 trillion) from 750 billion euros, more than the 500 billion-euro increase most analysts had expected, and extended it until June 2021 at the earliest, with a pledge to reinvest proceeds until at least the end of 2022.