The Euro continues growing. Overview for 06.10.2020

EURUSD is keeping its positive momentum trying to get back to balance.

The major currency pair is looking positive on Tuesday and keeping the positive momentum started earlier. The current quote for the instrument is 1.1790.

Right now, investors are interested in the statistics to a lesser degree – the key data on the US labor market was already released, while new significant reports are pretty far away. market players are mostly interested in the coronavirus topics: on receipt of the news that US President Donald Trump and his family are in no danger, capital markets started correcting and reaching stability. 

Nevertheless, the statistics are being released and some of them are still quite meaningful for understanding what is happening in important global economies. 

The final report on the Services PMI in the Euro Area in September improved up to 48.0 points against the previous estimate of 47.6 points. The same indicator but for Germany showed 50.6 points after being 49.1 points before. The higher the index, the better and more stable the service industry, and that is an excellent support for the economy. 

The Sentix Investor Confidence in the Euro Area got worse in October and showed -8.3 points after being -8.0 points the month before. However, the expected reading was much worse, -9.2 points. 

On the other hand, the Retail Sales in the Euro Area improved in August and showed +4.4% m/m after losing 1.8% m/m in July. However, this improvement may be temporary as the employment sector is rather far away from balance and consumer power is quite limited, hence stresses are possible. But it’s pretty much okay so far.