The agreements by EU leaders on a budget and a recovery fund have given EUR/USD a boost and prepared the ground for a further advance that could take the pair back to its autumn 2018 highs. However, traders should watch out for a possible retracement first as the pair is now technically overbought.
Having broken above the 1.15 level, EUR/USD is well placed to challenge the 1.1621 high reached in October 2018. However, a pullback is possible
Gold prices may surrender to the US Dollar if another wave of the coronavirus hammers global growth prospects and destabilizes the fragile corporate debt market.
Anti-fiat hedges like gold may surrender in the third quarter if a second wave of the coronavirus hits the global economy and dampens future inflation prospects. Demand for haven-linked assets like the US Dollar may amplify XAU/USD’s losses as traders re-allocate capital from relatively
The European Council President is expected to propose a more modest EU budget this week. The Council is hoping EU leaders will agree to it at a summit later this month but wrangling over how best to help the weaker members from the Covid-19 pandemic will likely continue. Unless the EU governments can sort out their disagreements soon, a drop is likely in EUR/USD in this year’s third quarter.
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The US Dollar may rise as initial jobless claims stabilize at historically elevated levels. Non-farm payrolls may surprise higher, but FOMC minutes could sink the S&P 500 and boost USD.
More of the same could be ahead. Data out of the world’s largest economy has increasingly outperformed relative to expectations.
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Originally Posted by TheNews
