EUR/USD pair is ending Tuesday with modest gains, after trading as high as
1.0975 during the European session. The pair rallied throughout the first half
of the day amid the persistent positive sentiment, also backed by encouraging
European data. The German ZEW Survey, which showed that the Economic Sentiment
in the EU improved to 46 in May, much better than the -12.1 forecast, while for
Germany it also improved to 51 from 28.2, although the assessment of the
current situation in the country plunged to -93.5 from -91.5.
equities rallied, but European indexes struggled to gain ground, ending the day
mixed, as the mood softened. The French Finance Minister Bruno Le Maire said
that the European Union recovery fund proposed by Germany and France, probably
will not be available until 2021. Wall
Street also ended mixed, as US housing data disappointed with April’s Building Permits falling by 20.8% and Housing
Starts declining by 30.2% in the same month.
Fed’s chief Powell testified before the Congress but failed to impress,
centering its testimony in the need for financial aid throughout the crisis.
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