EUR rose against most other major currencies as it continued to receive support from the latest decision by the European Central Bank (ECB) to nearly double its pandemic emergency purchase program and a broad optimism that the global economy will recover as COVID-19 lockdowns are relaxed.

The ECB announced on Thursday that its governing council had decided to increase the Pandemic Emergency Purchase Program (PEPP) by EUR600 billion to EUR1.35 trillion, while extending purchase into the summer of 2021. The announced increase in the size of the PEPP exceeded economists’ expectations of around EUR500 billion.

Meanwhile, the ECB’s president Christine Largade warned about an “unprecedented” contraction in the Eurozone’s economy in the second quarter. The ECB also downgraded its economic activity and inflation outlook is due to uncertainty. 

Support for the European single currency was also bolstered somewhat by the reports that the EU set to gradually lift restrictions for non-EU travelers in early July.

Now, market participants are awaiting the release of the closely-watched U.S. Employment Situation Report later today (12:30 GMT), which is expected to show 8 million job losses for May, along with a headline unemployment rate of 19.8%, the highest since the Great Depression.