Mar 23, 2020
Euro Takes a Breather as Investors Await the ECB Decision

EURUSD takes a breather while heading towards the London open as investors await the ECB decision for further cues. The European Central Bank is anticipated to keep the rates unchanged with hopes of providing more stimulus under the PEPP scheme to boost the economy.

As of this moment, the currency pair holds above its key psychological level of 1.12 and is currently seen trading at 1.1217 handle, down by 0.15%.

Meanwhile, US-China trade tensions renewed after Trump Administrations planned to bar the Chinese passenger airlines to arrive in the United Nations in an attempt to pressure Beijing to resume the US aircraft flights.

Coming onto the previous session, the EURUSD pair surged to the daily high of 1.1251 amid prevailing risk-on sentiments that boded well with the single currency. On the other hand, the data released by the US namely ADP Non-Farm Employment change and ISM Non-Manufacturing PMI came better than expected albeit, it didn’t significantly impact the pair's behaviour. Thus, the pair concluded the day at 1.1192, up by 0.57%.

For the day ahead, investors will keep a close eye on the US Unemployment claims data and Revised Nonfarm Productivity reports slated for today for further trading impetus.

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