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EURAUD Struggles to Keep High Ground

The euro is facing strong headwinds as the block struggles to come up with a concerted rescue plan. Calls for joint bonds to finance coronavirus-related policies have met resistance from Berlin, which deems it too early to be effective.

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This week’s German inflation, jobs, and manufacturing data may shed some light on the extent of the adversity. Negative readings could add pressure on the single currency, though there could be a silver lining in the form of an EU-wide package sooner than later.

The euro is making a pullback towards the 30-day moving average (1.7600), where trend-followers are likely to add positions.

euraud

GBPCAD Rallies Amid Improved Sentiment

The pound sterling extended its rally across the board after the Bank of England steadied the ship in its latest policy meeting. The central bank kept interest rates unchanged at 0.1% after two emergency cuts earlier this month.

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