The Euro continues its slow recovery. Overview for 17.03.2020
The major currency pair is “gaining a bit weight” on Tuesday morning amid another financial meltdown.
On Tuesday morning, EURUSD is slowly rising. The current quote for the instrument is 1.1176.
It was very hot on stock markets yesterday. First of all, investors didn’t like the Fed’s decision to cut the benchmark rate, which was reduced down to zero. At the same time, the regulator announced another buyout of securities.
Also, on Monday, US President Donald Trump said that he didn’t exclude a possibility of the recession in the country’s economy and assumed that the coronavirus pandemic might last at least until the midsummer.
The waters were smoothed by the Trump administration. According to the Markets Insider, the heart of Trump’s plan is a suspension of payroll taxes that would last until the end of the year and cost over $800 billion, according to estimates.
The latest statistics didn’t make any good. The Empire State Manufacturing Index plummeted to -21.5 points in March after being 12.9 points in the previous month. The report is minor but it perfectly describes a possible economic situation in the nearest future.
Today, one should pay attention to the Retail Sales in the USA in February, which may add 0.2% m/m after expanding by 0.3% m/m in January.