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The Euro remains optimistic. Overview for 01.10.2020

1 october 2020 - Fx4News

On Thursday, EURUSD is looking upwards after a pretty volatile trading session the day before. 

After some significant fluctuations earlier, the major currency pair is back to growing on Thursday afternoon. The current quote for the instrument is 1.1750.

The statistics published yesterday showed that the ADP Non-Farm Employment Change was 749K in September after being 481K (revised) the month before and against the expected reading of 650K. 

The labor market in the USA is still recovering after an extremely hard spring when employers had to make a lot of their staff work remotely, place them on unpaid leave, or fire some of them due to the coronavirus crisis. Nowadays, many companies are returning to a more or less operational comfort and may in some way assess industrial activity and consumer demand. In this light, some of the employees fired earlier are getting back to work and this can be clearly seen in employment reports. 

At the same, it’s quite obvious that this positive impulse is rather limited in time and degree of impact. Another stimulus package is required from the government and that’s a huge problem. 

The final report on the US GDP in the second quarter of 2020 showed -31.4% q/q against the previous estimate of -31.7% q/q, which was not expected to be revised, by the way, that’s why a slight improvement may be quite positive.

Today, market players’ attention will be focused on such reports as the Unemployment Claims, as well as the Personal Spending and Personal Income. The latter report might show some decline and that would be a stress for the economy.

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