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Euro Rally

EURUSD Survives Another Correction

August 22, 2020

EURUSD was correcting yesterday but managed to find support.

The Euro got under pressure against the USD last night but managed to reach stability by Thursday morning. The current quote for the instrument is 1.1850.

The FOMC Meeting Minutes published yesterday said that the future economic outlook of the country was directly connected with the global uncertainty due to the coronavirus pandemic. At the same time, monetary policymakers agreed that risks might aggravate if the pandemic continued.

The regulator emphasized deflation as the major risk for the CPI. During the last meeting, there were a lot of discussions about the yield curve and how to control it in order to prevent the overgrowth of the regulator’s balance. That’s the thing to avoid.

In general, the document didn’t offer anything fundamentally new but it was expected that way.

Nothing was said about more stimulus packages and that was good for the USD. The regulator’s comments about this issue were quite neutral, thus giving hope for further stimulus after agreeing on its format.

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