Although the US dollar fell sharply against most other major currencies, attempts of the EUR/USD pair of an upward correction are facing weakness, and gains did not exceed the 1.0967 resistance in the beginning of this week’s trading, before returning down to 1.0892 support at the time of writing, as Europe continues to suffer from increasing numbers of coronavirus infections and deaths. The Euro did not react to the announcement of positive news from Spain where the death toll fell to 517 on Monday from 619 on Sunday, the lowest daily increase since the Health Ministry began tracking it. According to the Spanish Ministry of Health, there are now 169,496 cases in Spain and 17,489 deaths. Meanwhile, some non-essential workers were allowed to return to work on Monday.
As for the global total, there are now 1.89 million COVID-19 cases and 118,304 people have died, according to data collected from Johns Hopkins University. At least 444,492 people have recovered.
The United States of America currently leads the world in the number of cases at 560,891 infections and 22,935 deaths. In Italy, there are 159,516 cases and 20,465 deaths, the highest number of deaths in Europe. In France, there are 133685 cases and 14986 deaths. In Germany there are 128,200 cases and more than 3,000 deaths.
As for the fate of the closure of US economy to contain the spread of the disease, U.S President Donald Trump has not hesitated to praise and criticize conservatives for the steps they have taken to try to slow the spread of the coronavirus. But one thing Trump cannot do, despite his confirmation on the contrary on Monday, is to order them to loosen the restrictions they imposed due to the virus outbreak.
Conservatives from both parties said they, like the president, were as eager to reopen the economy, which collapsed as US companies were forced to close, causing millions of people to lose their jobs. But they said they would allow health experts and the widespread availability of rapid tests, to guide their decisions in this regard. In general, there are presidential guidelines that limit social interaction until the end of this month, but in many places, local restrictions and extend to May and beyond.
On this matter. Trump tweeted yesterday to confirm his authority to act. "The governor's decision is to open the states, not the president of the United States and the federal government.”, “Let it be fully understood that this is not correct ... It is the decision of the US President, and for many good reasons”, he said, and added: “However, the administration and I are working closely with the Conservatives, and this will continue. I will make a decision, in conjunction with the Governors and input from others, soon!”.
According to the technical analysis of the pair: The bear are still controlling the general trend of the EUR/USD pair, especially with its failure to breach the 1.1000 psychological resistance. Selling-offs may return to the pair if it stabilizes below the 1.0900 support, which is very close to happen now.
For the second day in a row, the economic calendar does not contain any important and influential data, whether from Europe or the United States of America.
