EUR Prices Continue to Retreat – September 9th 2020

EURUSD is retreating alongside general fleeting from risks. The current quotation is 1.1765.

Capital markets are again turning towards the coronavirus epidemics though they seemed to have got used to it. However, the number of newly diseased worries investors, and they have to account for the risks.

Th European statistics published yesterday turned out to be not very exciting. Another GDP calculation for the II quarter of 2020 reflected a 11.8% q/q decline against the expected -12.1% q/q. As for the y/y decline during the same period, it amounts to 14.7%.

Sure, compared to the preliminary assessments, the revised data turned out to be better. However, the slump still looks the deepest of all times as consumer spending dropped so noticeably.

Just recall that in the Ist quarter, the EU economy dropped by 3.7% q/q (-3.2% y/y).

The employment data of the II quarter revealed a decline by 2.9%, which was a bit worse than expected. In the Ist quarter, the employment rate fell by 0.3%. The current situation has become the worst since 1995 when such data started being collected.

Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading.

Don’t miss the latest news and discussion on our Telegram channel. Subscribe today!

Was this post helpful?