EURUSD1507The USD selling picked up pace during the European session and lifted the EUR/USD pair closer to mid-1.1400s – highest since March 10. The pair prolonged its recent positive momentum and gained strong follow-through traction for the fourth consecutive session on Wednesday. The upbeat market mood continued denting the US dollar's relative safe-haven status and was seen as one of the key factors driving the EUR/USD pair higher.

The optimism over a vaccine for the highly contagious disease overshadowed concerns about a surge in COVID-19 cases across the world. The global risk sentiment was further supported by receding fears about deflationary pressures stemming from the economic downturn led by coronavirus-induced lockdowns.