EURUSD SURGES FOR THE SECOND STRAIGHT SESSION, EYES ON POWELL’S TESTIMONY : 16 JUNE |FOREX RECOMMENDATIONS

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EURUSD extends gain for the second straight session versus its US counterpart in response to the prevailing risk on sentiments. As per reports, Trump Administration is planning to consider $1 trillion on the infrastructure spending as a part of stimulus measure. At the moment of writing, the currency pair is trading at 1.1343, up by 0.18%.

On Monday, EURUSD initially dipped to the level of 1.1220 after fresh concerns over the resurgence of the second wave of coronavirus weighed on the demand for single currency. This was after Beijing announced fresh new coronavirus cases while the number of cases in  some parts of the U.S also escalated.

However, the risk on sentiments crept back into the financial markets following FED’s overnight statement wherein it announced to buy the individual corporate bonds which aims to cushion the economy from the devastating impact of coronavirus. The bonds will be bought under the Secondary Market Corporate Credit Facility scheme up to the worth of 750 billion dollar. As a consequence, EURUSD settled the day at 1.1322, up by 0.60%.

Today’s economic docket includes German Final CPI, WPI statistics and ZEW Economic Sentiments data. After the Eurozone data, the focus will shift towards the US Retail Sales data and the speech of Fed Chairman Powell for further trading impetus.

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