EURUSD Pushing Lower With Weak Data

EURUSD Pushing Lower With Weak Data

All European PMI data that was released today showed a significant decline which means that the economy is taking a major hit because of the economic lockdown. The actual numbers were significantly worse than the forecast

The EUR/USD is pushing lower into the lows since. The long-term support zone that is starting at 1.07 is almost within reach now.

New unemployment data from the US is released later today as well. The forecasted number shows close to 5 million unemployment claims. Such a rise may weigh heavily on the USD and keep the EUR/USD price from pushing lower.

On the other hand, analysts see a potential bullish USD scenario when the rise in unemployment means more stimulus for the USD.

 

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