The Euro is looking for support. Overview for 29.06.2020

Early in the week, EURUSD is correcting and looking for support before new movements.

The major currency pair is slightly correcting to the upside on Monday after being quite active last week. The current quote for the instrument is 1.1245.

Frankly, market players are a little bit confused right now. News is rather mixed, thus preventing EURUSD from moving in some particular direction. On one hand, new cases and outbreaks of the COVID-19 in the USA hint at the second possible wave of the coronavirus pandemic and that’s a pretty serious risk. For example, last weekend, San Francisco and Washington were forced not to re-open their economies, while California authorities once again closed some facilities where people could meet. Earlier, the same happened in Texas and Florida. So far, no one believes that new outbreaks should be considered as a possible new wave of the coronavirus but risks of that are huge. 

On the other hand, global economies are slowly removing coronavirus-related quarantine restrictions and coming back to life. This fact is somehow neutralizing market fears and concerns and helping EURUSD to correct. 

This week is promising to be very important when it comes to statistics. Both the Euro Area and the USA are going to report on different macroeconomic indicators. For example, the data on the US labor market, which is traditionally published on Fridays, will be released on Thursday because at the end of the working week the USA will have a day off due to the Independence Day celebrations. 

The Unemployment Rate is expected to improve from 13.3% to 12.5%, while the Average Hourly Earnings may decrease a little bit. The stronger the numbers, the better for the USD.