The Euro updated its 18-month highs. Overview for 22.07.2020

The major currency pair has reached the high of January 13th, 2019, and is still moving upwards.

EURUSD is soaring and not afraid of height due to a pretty strong fundamental support. The current quote for the instrument is 1.1535.

The European currency is supported by the same positive mood as yesterday. We remind you that the EU countries had a long-running summit, where they finally decided on parameters and nuances of their new stability funds to help the European economy to recover. The fund is huge indeed and expected to move the alliance to a new level of a quick economic recovery. 

In this light, market players’ attitude to risk significantly improved, which is quite logical. Europe is united, it sees the problem and solves it together and in concord. The Euro is happy, that’s why its skyrocketing doesn’t surprise anyone.  

There haven’t been any important statistics from the Euro Area and the USA yet. However, today the USA is scheduled to start reporting, for example, on the Existing Home Sales, which is expected to show 4.77M in June after being 3.91M the month before. Improvement of the indicator will be a good sign for the US real estate market. Another report to be published is the HPI, which may add 0.3% m/m in May after being +0.2% m/m the month before.