- EUR/USD retraces to 1.1820 after Thursday’s new 2020 high.
- German trade and production numbers spring a positive surprise.
- US job numbers awaited.
EUR/USD has drifted slightly lower today after hitting the highest levels seen in 2020 on Thursday. It was trading in the 1.1820/15 zone today, and it traded near 1.1920 yesterday.
The overbought condition, shown in RSI, also supported the retracement attributed to the renewed demand for the US dollar. The down move to 1.182 zone is also a reflection of the broad preference for lower-risk, exhibited across all asset class.
Traders and investors have in mind the congressional impasse on the coronavirus stimulus bill.
German Industrial Production expanded by 8.9 Percent on a monthly basis in June. Also, the German exports helped the trade surplus to almost double to 14.5 billion euros. France and Spain also showed expanding monthly Industrial Production, 12.7 Percent and 14 Percent respectively.
Later today, the US jobs, according to the official Non-Farm Payroll, will be keenly watched. Analysts expect 1.6 million jobs created in July and the unemployment rate to fall to 10.5 Percentage, down from 11.1 Percentage.