EUR/USD has been trading in a narrow range. Optimism about eurozone coronavirus statistics and some hope related to the EU Summit point to the upside, according to FXStreet’s analyst Yohay Elam.
Key quotes
“Leaders of the EU are gearing up for a critical summit on Thursday, where southern countries will likely continue demanding coronabonds and northern ones continue resisting. Further reports about the EU Summit could rock the euro with optimism lifting it and pessimism sending it down.”
“Sánchez and German Chancellor Angela Merkel have reportedly made progress on reaching a compromise. Madrid suggested a €1.5 trillion fund, financed by perpetual bonds. The hopes that come after several days of gloom helps the euro stabilize.”
“In the US, New York seems to be bending the curve but New Jersey stats are becoming more worrying. Republicans and Democrats agreed on a new fiscal package worth $484 billion, directed mostly at businesses.”
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