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EUR/USD Rises as Optimism Rules Markets on Monday

July 13, 2020 by

EUR/USD logged decent gains today, though currently, it has halted its rally. The positive market sentiment was eroding the appeal of the greenback as a safer currency. The start of the week is poor in terms of US macro releases but that will change in the second half of the week.

Treasury budget deficit widened to $864.1 billion in June from $398.8 billion in May. It was slightly bigger than the median forecast of an $860.0 billion deficit. (Event A on the chart.)

On Friday, a report on PPI was released showing a drop of 0.2% in June, seasonally adjusted. Market participants were expecting the same 0.4% increase as in the preceding month. (Not shown on the chart.)

If you have any comments on the recent EUR/USD action, please reply using the form below.

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