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Fundamental Analysis
EURUSD
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[QUOTE="Terry_8, post: 185855, member: 65834"] EURUSD WILTS AMID CORONAVIRUS JITTERS, EYES ON FED CHAIR POWELL’S TESTIMONY [ATTACH type="full"]16999[/ATTACH] A modest pick-up in the demand of perceived safe harbor greenback amid worsening coronavirus situation in Europe is exerting some downward pressure on EURUSD for the fifth straight session on Thursday. The COVID-19 cases in Europe have surpassed the worrisome five million mark with France and Spain preparing for even tighter restrictions to curb the spread of the second wave of coronavirus. Besides, the uncertainty concerning the US fiscal stimulus is also weighing on investor's sentiments. As of now, the currency pair is trading at 1.1655 level, down by 0.04%. Coming on to the yesterday's session, the pair tumbled to a fresh two-month low of 1.1650 level owing to the coronavirus scare that kept the markets in the risk-off mood. In addition to this, the data released by Eurozone depicted that growth remains sluggish as the Services PMI for Germany came at 49.1 versus the anticipated 53, while for the Union it contracted to 47.6 against the forecast of 51. On the contrary, US Flash Manufacturing PMI came at 53.5, beating the market expectations of 52.5 thus, supporting the demand for the greenback. As a result of which, EURUSD settled the day at 1.1659 level, down by 0.41%. Moving ahead, investors can take cues from the German IFO Business Climate data for short term trading impetus. Later in the day, the focus will shift towards the US Unemployment Claims report, Fed Chairman Powell’s testimony, and the speech of Treasury Secretary Mnuchin. SOURCE FXVIEW FB: [URL="http://www.facebook.com/fxviewdotcom/posts/220365462839161"]www.facebook.com/fxviewdotcom/posts/220365462839161[/URL] [/QUOTE]
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