Market Analysis

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July 6, 2020 09:53 am

EUR/USD. July 06, 2020 – The euro strengthened to 1.13, but failed to gain a foothold above this level

At the beginning of the new trading week, the European currency showed strengthening to the level of 1.13, but could not rise higher. The euro was supported by signs of economic recovery in Germany, as well as hopes for additional incentives in the near future.


In particular, the volume of production orders in Germany grew in May by 10.4% after quarantine restrictions were relaxed in the country. Since this country is Europe's strongest economy, its restoration gives hope to other European countries.


In addition, market participants are waiting for a decision to create a restoration fund in Europe. On Thursday, a meeting of EU finance ministers will take place, and on July 17-18, a summit of regional leaders is planned.


Today is not rich in publishing important macroeconomic data. One should pay attention only to business activity indices in the construction sector throughout Europe: all indicators showed growth. Additional support for the euro today was provided by data on retail sales in the eurozone in May. Sales in the region grew by 17.8% compared with April -12.1%.


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