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July 7, 2020 10:59 am

EUR/USD. July 07, 2020 – The euro is trying to return to the level of 1.13 after the drawdown to 1.1255

Yesterday, the euro ended with an increase of 1.1345, but today the pair began to decline to the level of 1.1255. Earlier, support for the European currency was provided by an increase in the appetite for risky assets amid the expectations of a more dynamic than predicted economic recovery in China, as well as after the release of strong reports from the United States.


According to recent data, the index of business activity in the US services sector in June rose to 57.1 points against the previous value of 45.4 and the forecast of 50.0. At the same time, statistics from the eurozone also supported the euro: retail sales in June increased by 17.8% on a monthly basis compared to a fall of 12.1% in May.


So, the pair remains highly volatile; the current EUR/USD quote is 1.1280. Some pressure on the European currency today had data on industrial production in Germany. The indicator grew by only 7.8%, experts predicted an increase of 11%. However, the fact that the decline finally gave way to growth is already good news, so today the euro will continue to recover to 1.13.


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