EURUSD is correcting. Overview for 09.06.2020

On Tuesday afternoon, the major currency pair is correcting downwards and trying to become a little bit less “overbought”. 

EURUSD is retreating on Tuesday, thus continuing the correction that started yesterday. The current quote for the instrument is 1.1268.

All positive news coming from efforts of the European Central Bank and finance ministers of the region’s countries channeled to stimulating the Euro Area’s economy has already been factored into the major currency pair rate. That’s why investors’ attention is slowly switching to the statistics and the US Federal Reserve meeting scheduled for today.

The numbers published yesterday showed that the market sentiment is recovering: the Sentix Investor Confidence improved up to -24.8 points in June after being -41.8 points in May. The expected reading implied -22.0 points but the actual is also very good. 

In the afternoon, the Euro Area is scheduled to report on the region’s GDP in the first quarter, which is expected to show -3.8% q/q. If the actual reading matches the expected one, the Euro may continue its current tendency. 

Market players are believed to “save strengths” in anticipation of tomorrow’s trading session, as it will feature a lot of important reports from the USA (pay attention to inflation) as well as the news from the American regulator.