The Euro US Dollar (EUR/USD) exchange rate is trending southwards, paring gains from the previous session.
Germany’s economy shrinking by “just” -9.7% in Q2 and improving German business confidence supported the Euro on Tuesday. However, the upbeat mood is fading today as coronavirus numbers, particularly in Spain remain elevated.
The US Dollar is pushing higher as investors look ahead to Jerome Powell taking the virtual stage at the Jackson Hole central bankers gathering tomorrow. Investors are waiting anxiously for clues over where monetary policy could be heading.
US durable goods are expected to remain solid in July, increasing 2%.
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