EURUSD is moving downwards amid investors’ increased demand for “safe haven” assets.
The major currency pair continues to retreat. The current quote for the instrument is 1.1782.
Investors all over the world are slowly increasing their positions in “safe haven” assets while the coronavirus situation is escalating and the election day in the USA is approaching. And if the second wave of the pandemic is quite clear – it’s getting more and more serious, then the results of the American elections are pretty far away from that. That’s what makes market players nervous.
The statistics published by the USA yesterday showed that the Durable Goods Orders added 1.9% m/m in September after expanding by 0.4% m/m the month before and against the expected reading of +0.5% m/m. The Core Durable Goods Orders was +0.8% m/m after adding 1.0% m/m over the same period. The expected reading was twice as much.
Americans continue buying despite rather gloomy economic outlooks. Probably, it’s a result of the stimulus package implemented earlier.
It turns out that the third quarter was quite successful for the USA when it comes to consumer spending. However, the impulse is fading away while another stimulus package is not only unfinalized – it’s not even close to the “completion” of policymakers’ debates. Still, it’s obvious that the faster they approve it and pump the money into the country’s economy, the sooner they will see results.
Orgin: RoboForex
