EUR/USD. April 24, 2020 Euro in the range of 1.07-1.08
At the end of the week, the EUR/USD pair continues to decline, having reached 1.0725. The euro came under pressure after the publication of weak PMI indexes of business activity. According to recent data, the composite index in the EU fell to 13 points, which was the strongest drop in the history of observations since 1998.
Experts note that quarantine measures have a negative impact on the European services and manufacturing sector. Moreover, analysts expect European GDP to fall by 7% in 2020.
Yesterday, EU heads of state held a summit to discuss the need to create a new fund for economic recovery. However, despite the criticality of the economic situation, no decision was made on the size of the fund and the sources of its financing. The following negotiations have been postponed to May 6.
Yesterday, the US provided unemployment data, according to which the number of benefits increased by another 4.5 million people. The total number of unemployed Americans rose to 26 million. These data put pressure on the dollar today, which allowed the EUR/USD pair to recover to 1.0775.
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