EUR/USD: Opening the economy and the downside

EUR/USD is coming under pressure as the uncertainty is weighing on sentiment, and markets are less optimistic than on Monday, FXStreet’s analyst Yohay Elam reports.

Key quotes

“Recent COVID-19 statistics have been encouraging and pressure from the public to get back to normal life is mounting. Faster paces may boost the euro, but moving too fast risks a second outbreak that may be severely demoralizing for healthcare workers, consumers, and businesses.” 

“President Donald Trump continued encouraging reopening the economies of states and foresaw significant growth later in the year. [...] The president focused his ire in China and promised an investigation. Growing tensions between the world's largest economies may weigh on global growth and boost the dollar.” 

“The Conference Board's consumer confidence gauge for April is the highlight on the economic calendar. Good news may weigh on the safe-haven dollar while a significant fall may boost it, contrary to reactions in other currencies.”