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The Euro continues weakening


30 June 2021

EURUSD remains under local pressure; market players are waiting for American news. The major currency pair continues climbing down. The current quote for the instrument is 1.1888. The “greenback” is in demand as a “safe haven” asset as long as the whole world is highly concerned about a quick spread of a very contagious coronavirus strain. In this light, reduction of the risk appetite pushes the USD towards strengthening. 

So far, outbreaks are witnessed in Indonesia, Malaysia, and Thailand. Investors are well aware of how the new strain may spread and realize that the vaccines have no protection against it. These are the reasons for growing uncertainty about future outlooks and the “greenback” is acting here as a “safe haven” asset. 

Another thing that supported the USD was the statistics. The CB Consumer Confidence skyrocketed to 127.3 points in June after being 120.0 points the month before. The actual reading is the highest since the beginning of the pandemic. The data indicates that the economic growth in the USA in the second quarter of 2021 may be much stronger than expected and the “greenback” enthusiasts liked it. 

Today, the Euro Area is scheduled to report on the CPI Flash Estimate, which is expected to demonstrate a slight decline. However, the major attention is focused on the American labor market statistics – the first report, the ADP Non-Farm Employment Change, will be published in the evening. The stronger the reading, the better for the USD. 

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