The Euro requires more support. Overview for 14.07.2020
EURUSD remains “in the black” on Tuesday but lacks reasons for keeping its positive momentum.
The major currency pair is barely moving but intends to keep momentum. The current quote for the instrument is 1.1340.
There were no significant statistics from the USA, that’s why market players are mostly focusing on news and external market conditions. There will be enough numbers this week but a bit later.
Still, today’s economic calendar offers an interesting report, the Industrial Production in the Euro Area, which is expected to increase by 14.9% m/m in May after losing 17.1% m/m in the previous month. It’s rather doubtful that the indicator may correct by so much but about +12.0% m/m will be more realistic. After the correction, there will be a recovery process, which will be long and complicated.
Investors are keeping an eye on the scheduled EU summit that is set to take place this weekend. The key things to be discussed are already known – recovery of the Euro Area economy, which was severely damaged by the COVID-19 pandemic. This time, policymakers are believed to have a detailed discussion about creating a special fund to help European economies recover, and that might have a vital importance for re-evaluating prospects and reducing risks in the Euro.
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboMarkets bears no responsibility for trading results based on trading opinions described in these analytical reviews.
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