The pressure on selling euros via the currency derivative markets eased further on Thursday as the single currency continued to benefit from the French-German recovery fund proposal made earlier this week.
The cost of betting on euro downside against the dollar via one-month risk reversals rose to minus 0.17, its highest since mid-March. It has risen all the way from minus 0.45 at the start of May. A higher ratio means more bullishness towards the euro and vice versa.
The single currency is on track for a fifth day of gains, rising briefly above the $1.10 versus the greenback on Thursday FRX/
(Reporting by Sujata Rao and Saikat Chatterjee) ((email@example.com; +44 207 542 6176;))