EUR/USD to run above fresh 1.1916 high on another poor US figure
|Wednesday's dural disappointments have created a double-top and another miss could send EUR/USD beyond the fresh high of 1.1916, a minor breach of the previous 1.1909 peak. Jobless claims, fiscal stimulus updates and Sino-American tensions are in play, FXStreet’s analyst Yohay Elam informs.
Key quotes
“The highlight of Thursday's economic calendar is weekly jobless claims. While the figures are for the weeks after the one in which the Nonfarm Payrolls surveys are conducted, investors will want to see if the unsettling uptrend continues. High-frequency figures have been receiving more attention of late and another increase could send the greenback down. Tension is already rising toward Friday's Non-Farm Payrolls with analysts set to provide updates to their estimates. Expectations will likely suffer a downgrade, thus weighing on the dollar.”
“Markets are pricing in a multi-trillion boost from the government despite politicians blaming each other for stalled talks. Several programs expired on Friday and those out of work may already be feeling the pinch. Developments on that front are set to move the dollar.”
“COVID-19 infections are on the rise in the old continent, especially in Spain, France, and Belgium. Markets are shrugging it off, and continue seeing these flareups as local. If worries increase, the euro has room to fall. However, so far things seem under control.”
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