is likely to end April on a negative note, as the German data is expected to
show an uptick in the jobless rate, and the European Central Bank (ECB) has
little or no room to sound hawkish.
press time, the pair is trading around 1.0860, down over 1% from the monthly
opening rate of 1.1039. The shared currency has been offered this month on the
inability of the European nations to agree to a comprehensive coronavirus
stimulus package and the resulting fears of a prolonged economic downturn. The
occasional haven demand for the US dollar also added to the bearish tone around
German data and ECB eyed:
German consumer spending, as represented by Retail Sales, is forecasted to have
dropped by 7.3% month-on-month in March. Meanwhile, the labor market data is
expected to show the jobless rate ticked higher to 5.2% in April from 5% in
European Central Bank (ECB) is likely to leave its policy unchanged and express
willingness to provide more monetary stimulus if required. TD Securities
Analysts think the EUR will likely react more to the ECB’s influence on
sentiment than traditional monetary policy signals.
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