May 18, 2020 / 5:31 PM / 15 days ago

Euro jumps vs dollar, Swiss franc on Franco-German proposal for EU fund, joint debt

May 18 (Reuters) - The euro jumped on Monday against the dollar and Swiss franc after Germany and France issued a call for a 500 billion-euro recovery fund for Europe and proposed to allow the European Commission to borrow money on markets to finance the fund.

The single currency rallied to a near-two week high at $1.09225 against the euro, while against the Swiss franc, it rose 1.3% to the highest since early-March, posting its biggest one-day rise since April 2017.

The Franco-German deal, described by French president Emmanuel Macron as a major step forward, seeks to break the impasse over joint euro debt and act as a blueprint for a wider EU agreement.

Reporting by Sujata Rao

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