EURUSD is looking up. Overview for 25.03.2020
The major currency pair is slowly growing in the middle of the week; investors have an attitude for risks.
On Wednesday, EURUSD remains positive. The current quote for the instrument is 1.0817.
Market players see that the US Federal Reserve is quite aggressive when it comes to the stimulus program and start moving away from “safe haven” assets, such as the USD, thus helping other traded currencies to recover.
The New Home Sales in the USA showed 765K in February, which is a bit better than expected, 750K. the month before, the indicator was 800K.
The Markit Services PMI dropped to 39.1 points in March after being 49.4 points in the previous month. The Markit Manufacturing PMI went from 50.7 points to 49.2 points over the same period of time.
It’s clearly seen that due to slump in demand the tertiary industry suffers more serious but may recover at the same pace. The decline of the manufacturing sector is not so obvious but it may continue for a long time, thus causing much more serious consequences.
Later in the evening, market players should pay attention to the Durable Goods Orders, which may lose 1.0% m/m in February. The report itself is rather volatile because it contains a lot of variables.