9:53 AM · 6 May 2020

BREAKING: EURUSD drops below 1.08 on EC forecasts

EURUSD dropped below 1.08 handle today following release of the newest projections from the European Commission. The forecast points to a 7.7% GDP contraction in 2020 in the whole euro area and 6.5% contraction in Germany alone. Italy and Spain are expected to be the hardest hit with negative growth rates of 9.5 and 9.4% respectively. Earlier in the day, euro slipped on poor Germany factors data and Spanish PMI.

EURUSD is in a freefall mode today. The pair slumped on EC forecasts and threatened to leave 1.08-1.10 trading range.. Source: xStation5

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