The Euro wants to keep going. Overview for 20.07.2020

On Monday, EURUSD is staying positive and wants to keep going.

The major currency pair is rising amid investors’ improved attitude to risks and not afraid of the EU summit decisions. The current quote for the instrument is 1.1443.

So far, there is no ultimate conception of what the European leaders came to during the summit. The summit was extended through Monday because policymakers didn’t come to any decisions relating to the stability funds, which should be a basis for the EU economy’s recovery. 

In addition to that, there is no final decision on the EU budget, which should reveal budgetary expenditures in 2021.  

Even with all things considered, market players are staying positive and obviously expecting policymakers to reach an agreement. Everyone understands that without special tools and mechanisms the European economy recovery may linger on.  

As for the statistics, this week is promising to be rather calm. Interesting numbers from Europe will not come earlier than Thursday when the region is going to report on the Consumer Confidence, which is expected to improve up to -12 points in July after being -15 points the month before. On Friday, there will be several July PMI reports from some European countries and the entire region. All indicators are expected to improve and it’s not too surprising because consumers are slowly getting back after the quarantine to their everyday life. However, August readings may show some slowdown: the proper recovery requires a lot of time, resources, and efforts.