The Euro remains up in the air. Overview for 27.08.2020

EURUSD is barely moving on Thursday while expecting the news from Jackson Hole. 

The major currency pair continues consolidating and waiting for the news. The current quote for the instrument is 1.1830.

Today is one of the most important days of this trading week. First of all, the economic symposium starts in Jackson Hole, the USA, and that’s an essential highlight for financial markets. The event will start with a speech by the US Federal Reserve Chairman Jerome Powell, who is expected to talk about the regulator’s monetary policy. The symposium will be held online, that’s why there will be no “glitz” but a lot of comments about the future of the global economy to fill the void.  

Secondly, the USA is scheduled to publish a preliminary report on the GDP for the second quarter of 2020. An average forecast is a 32.5% plunge. The better the reading – the better for the “greenback”. 

Also, the USA will report on the Pending Home Sales in July, which is expected to keep the positive momentum. 

The data published yesterday showed signs of improvement in the American economy. For example, the Durable Goods Orders added 11.2% m/m in July after expanding by 7.6% m/m in the previous months. The Core Durable Goods Orders added 2.4% m/m, which turned out to be better than expected, +1.9% m/m. The indicator is extremely volatile but it’s being in the positive zone is a really good signal.