EURO displayed optimism over the news on Covid-19

Due to the optimism in the market and the dollar’s weakness, the euro started the week with gains. News about potential vaccines against the coronavirus raised confidence in the market, starting the week on a strong positive note. The US president has made moves to stimulate the approval of treatments and vaccines. He mentioned that the procedure for adoption was terrible, and its slowdown could have potential reasons to harm him.

On the contrary, medical experts claim that the clinical results of some medications have been weak and require more tests.

Trump has disagreed with medical experts before. He had a very good relationship with Dr. Fauci, an American physician, and an immunologist at the beginning of the pandemic. However, it has resulted in a confrontation after the immunologist demonstrated great concern about reopening the economy. 

The US has suffered from the coronavirus pandemic the most

The number of coronavirus cases globally has surpassed 23.4 million. Meanwhile, the death toll has reached almost 810,000. According to John Hopkins University, the United States has been affected the most by the coronavirus pandemic. The number of infected cases is up to 5.7 million, and the death rate exceeded 176 thousand. Brazil is in second place, with 3.6 million cases and around 115,000 deaths. 

The economic calendar this week

The euro has been trading at 1.1840 with a 0.39 percent increase. However, the chart continues to be bearish. The bulls will regain confidence if the pair closes above 1.1800. Downside supports are at around 1.1750 and 1.1700.

Today, the report for requests for unemployment benefits and the US GDP will be published. 

On Friday, Germany will release its inflation data for August. Also, Canada will publish its new GDP data, and the University of Michigan will report its American consumer sentiment.