EUR/USD has been retreating from the highs and has slid below the 1.14 mark. Today, the European Central Bank's decision and US retail sales are set to rock the currency pair, Yohay Elam, an analyst at FXStreet, informs.
Key quotes
“The ECB is set to stand pat in its July meeting after announcing a top-up of €600 billion to its bond-buying scheme in June. The main lending rate is forecast to remain unchanged at 0% and the deposit rate at -0.50%.”
“Christine Lagarde, President of the ECB, will likely urge governments to act – ahead of a leaders' summit that begins on Friday. Negotiations between southern countries that support the recovery program and the ‘Frugal Four’ – a group of rich countries led by the Netherlands – has been intensifying. The disputed part of the plan is the idea to provide mutually funded grants worth €500 billion to struggling countries.”
“Weekly jobless claims are projected to continue showing a gradual recovery in the labor market, but recent figures have been mixed and the increase in infections may have hurt employment. If retail sales meet expectations, surprises in initial and continuing claims may steal the show.”
“Later on, US coronavirus statistics will likely move markets. California, Texas, and other states have reported record numbers of cases and the death rate is also on the rise.”
Reprinted from fxstreet.com, the copyright all reserved by the original author.
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