The Euro may get a little bit stronger. Overview for 08.10.2020

The major currency is rising a bit on Thursday afternoon, while market players are calmly assessing the risks. 

EURUSD is evening up while investors are monitoring and assessing risks. The current quote for the instrument is 1.1775.

The Consumer Credit report from the USA showed -7.2B USD in August after being +14.7B USD in July and against the expected reading of +14.9B USD. It’s not a great signal: consumers, seeing changes for the worse in the economic climate and global COVID-related risks, are trying to reduce their cost loading. If so, the economy may face sluggish consumer and buyer demands and lose any support from this side.

Today, one should pay attention to the weekly report on the Unemployment Claims from the USA, which is expected to show 820K after being 837K last week. 

In the afternoon, the European Central Bank is scheduled to publish its Monetary Policy Meeting Accounts, where market players may try to look for any hints on additional stimulus, which is very unlikely.

So far, investors are quite reasonable in assessing the current risks and this may well support the European currency before the second wave of COVID hits the world.