Analysis EUR/USD. Pair stopped falling

eur_usdThe major currency pair stopped falling on Friday; marker fears are fading away.

At the end of another June week, EURUSD is trying to rebound after a couple of days of falling. The current quote for the instrument is 1.1223.

The European currency was pressured by global escape from risks recently. However, this driver is rather quiet so far but not for long.

The statistics published yesterday were pretty impressive. The final report on the US GDP in the first quarter of 2020 didn’t surprise anybody by showing -5.0% q/q, the same as expected. However, the Durable Goods Orders showed +15.8% m/m in May after being -17.7% m/m in April and against the expected reading of +10.3% m/m.

The Core Durable Goods Orders added 4.0% m/m after losing 7.7% m/m over the same period of time. and again, it was better than the market anticipated.

The report on the Durable Goods Orders, such as domestic appliances, cars, planes, and other durable products, is extremely volatile. At the time when the country’s economy is calm, it may trigger a lot of reactions and emotions on the market because investors are very sensitive to any changes in consumer sentiment. Yesterday’s reading is a very good signal for the US economy but still shouldn’t be overestimated.

Later in the afternoon, market players will focus on the Personal Income and Spending reports for May. The latter indicator is expected to recover after plunging in the previous month, while the former one may be pretty tough. The more stable the statistics, the better for the USD.

Orgin: RoboForex

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