EUR/USD: Licking its wounds

Further reaction to the ECB, lockdown speculation and ADP's figures are all set to move the EUR/USD pair, Yohay Elam, an analyst at FXStreet reports.

Key quotes

“Partly illegal – the ruling of the German constitutional court in Karlsruhe on one of the European Central Bank's bond-buying plans keeps the euro depressed. Without massive support for the ECB, struggling eurozone economies could crumble.”

“The White House is set to unwind its coronavirus taskforce and focus on reopening the economy. A potential second wave of infections could prove devastating for lives, potentially trigger reimposing lockdowns, and also political damage, but the president seems to take that risk.

“ADP, America's largest payroll provider, is set to show a historic loss of over 20 million private-sector jobs. The dollar will likely advance in response if job losses are higher than expected and fall if ADP's statistics show fewer than 20 million lost jobs.”