Euro starts week optimistic over COVID-19 news

The euro started the week with some gains. It was supported by the prevailing optimism in the market and the occasional weakness of the dollar.

The market started the week on a strong positive note. News about vaccines and treatments against the new coronavirus wave raised optimism and fed the appetite for risk.

The president of the United States has made moves to accelerate the approval of treatments against the new COVID-19 and potential vaccines. Trump complained that the procedure for approval of medications and vaccines is terrible. The slowdown in approvals could have political motives to harm him.

However, medical experts and FDA officials have stated that the clinical results of some treatments have been fragile so far. This has been a reason for the requirement of more clinical tests.

The scuffle between Trump and medical experts is not new. He had an excellent relationship with Dr. Fauci, one of his closest collaborators at the beginning of the pandemic. This has resulted in a confrontation after Fauci recommended greater prudence when it comes to reopening the economy.

Coronavirus cases have exceeded 23 million

Meanwhile, the number of COVID-19 cases worldwide has exceeded 23.4 million, while the number of deaths is almost 810 thousand.

According to the latest COVID-19 Dashboard of the CSSE of Hopkins University, the United States is the most affected country. The US suffers more than 5.7 million cases and more than 176 thousand deaths. Brazil follows with more than 3.6 million cases and almost 115 thousand deaths.

Right now, the EUR/USD pair is trading at 1.1840, up 0.39% on the day.

Still, the chart continues to be bearish. If the pair closes above 1.1800, the bulls will regain confidence. On the downside, supports are at 1.1750 and 1.1700.

The economic calendar for the week

The market will be heavily focused on COVID-19 news. However, gross domestic product data in several key countries will add volatility to the market.

Today, the United States will report its requests for durable goods.

Thursday will be the most important day of the week with the report of requests for unemployment benefits and GDP in the United States.

On Friday, Germany will release its inflation for August, and Canada will do the same with its GDP. The University of Michigan will also report its American consumer sentiment.