After declining to fresh monthly lows on Friday, EUR/USD
buyers have lifted the pair back up towards the mid-point of the monthly range.
The dollar is weaker against all of its major
counterparts to start the new week. The antipodean currencies have benefited
the most from the weakness with the Australian dollar leading the majors with a
1% gain against the greenback.
Equity markets are broadly in the green in the early day
while precious metals show losses, in a traditional risk on manner.
The week ahead stands to be a volatile one with GDP data
as well as central bank meetings from both the US and Europe. The Federal
Reserve is expected to stand pat after having already implemented several
easing measures to offset the negative impacts of the Coronavirus.
The European Central Bank (ECB), however, may increase
its easing measures by announcing further bond purchases.
Aside from the central bank meetings, the GDP reports
this week will be closely watched. The US typically releases three versions of
this report and the first one, referred to as the advance report, tends to
accompany the most volatility.
Further, this report will partially reflect how the economy
is managing in light of the Coronavirus as the data reflects growth in the
three months to March.
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