The Euro is taking a break. Overview for 03.08.2020

03.08.2020

After skyrocketing in July, EURUSD is consolidating.

The major currency pair is looking stable on Monday amid neutral external background. The current quote for the instrument is 1.1730.

The first August week will bring a lot of important news and statistics but it will be a bit later. So far, EURUSD is consolidating. 

The statistics published in the afternoon showed that the final report of the Eurozone Manufacturing PMI increased up to 51.8 points after the preliminary estimate of 51.1 points, although it wasn’t expected to be revised. The same indicator but for Germany went from 50 points to 51 points. It’s good news for the Euro. 

Later in the evening, the USA will also report on the Manufacturing PMI, both from Markit and ISM. In both cases, the indicator is expected to improve, which is good for the USD. In addition to that, there will be reports of the Construction Spending in June and ISM Manufacturing Prices in July.

However, investors’ attention is mostly focused on the increasing number of new coronavirus cases. According to the World Health Organization, the total number over the entire pandemic period exceeded 18 million people. Another thing that worries market players is pessimistic comments from the White House about plans to help the country’s economy and its immediate effect. This factor prevents the “greenback” from recovering. 

Attention!

Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.