The Euro is looking up again. Overview for 04.08.2020
Tuesday starts with new growth in the major currency pair.
After having a quiet trading session yesterday, EURUSD is growing on Tuesday morning. The current quote for the instrument is 1.1770.
The numbers from the USA published yesterday were quite good. For example, the ISM Manufacturing PMI showed 54.2 points in July, which is better than expected, after being 52.6 points in the previous month. The ISM Manufacturing Prices improved from 51.3 points in June to 53.2 points in July. The Construction Spending m/m lost 0.7% m/m in June after being -1.7% m/m the month before.
The final report on the Eurozone Manufacturing PMI showed 51.8 points in July against the first estimate of 51.1 points, although it wasn’t expected to be revised.
Today is going to be a calm day when it comes to macroeconomic statistics. The Euro Area is scheduled to report on the PPI in the afternoon, which may recover by 0.6% m/m in June after losing the same in May. Later, the USA will publish the Factory Orders, which may add 5.1% m/m in June after expanding by 8.0% m/m in the previous month.
Investors’ attitude to risks is slowly reviving and that supports the European currency.
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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