EUR/USD: Kicking the euro down the road

EUR/USD has fallen to the lowest in a month after the failed EU Summit while dismal eurozone and US data has also been weighing and could further send the pair down, according to FXStreet’s analyst Yohay Elam.

Key quotes

“Leaders of the European Union have failed to agree on an ambitious recovery package and this is weighing on EUR/USD.” 

“Christine Lagarde, President of the ECB, told heads of state that the economic downfall could reach 15% of GDP, and recent economic figures are gloomy.”

“Durable Goods Orders figures for March will probably show substantial falls. Final Consumer Sentiment figures from the University of Michigan will likely be downgraded from the initial read of 71 points.” 

“The safe-haven US dollar has been gaining ground amid the scary statistics, even if the dismal data comes from the US. Another development that is souring the mood is the report that a potential cure to coronavirus proved inconclusive.”