- ECB’s President, Christine Lagarde, voiced concerns about the bloc’s economic recovery.
- US Federal Reserve’s Chairman Powell is due to speak about the US economic outlook.
- EUR/USD is bullish, as USD demand remains weak.
The EUR/USD trades around 1.18 as the pair consolidates gains from the previous session.
Mid-European morning EUR/USD eased back to 1.1764 after ECB’s President, Christine Lagarde, voiced concerns over the health of the economic recovery, commenting that a V shaped recovery is instead likely to look much wobblier. Still, EUR/USD recovered quickly heading back towards 1.18.
Negotiations over a US fiscal stimulus package continue between House Speaker Pelosi and Treasury Secretary Mnuchin Talks are reportedly moving slowly..
German August Factory Orders smashed expectations jumping 4.5% month on month- 2.2% on an annual basis. The US trade balance for August posted a deficit of $67.1B, worse than the expected $-66.1B. Looking ahead, US Federal Reserve Chair Jerome Powell will speak about the US economic outlook at the National Association of Business Economics annual meeting.