The EUR/USD pair closed a fourth consecutive week with gains in the 1.1420 area, its second-best daily close this year. Hopes for a vaccine boosted high-yielding assets at the beginning of the week, playing against the greenback. The dollar remained under pressure despite the sentiment that took a turn to the worse as the number of new coronavirus cases in the US continued rising to daily records of over 70,000 per day. Meanwhile, outbreaks in European and Asian countries that seemed to have the virus under control further fuel the idea that the economic comeback will take much longer than initially expected.
On Friday, the US published the preliminary estimate of the July Michigan Consumer Sentiment Index, which came in at 73.2, much worse than the 79 expected and falling from 78.1 in the previous month. Also, EU leaders began a meeting that extended into Sunday, to discuss the EU budget and the recovery fund. On Saturday, Council President Charles Michel proposed to shift €50 billion in funding from grants to loans, in an attempt to break the deadlock, although German Chancellor Angela Merkel said that she wasn’t sure if they would be able to reach an agreement.
The week will be light in terms of macroeconomic data. This Monday, the EU will publish its May Current Account, while Germany will unveil the June Producer Price Index. The US won’t release macroeconomic figures.
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