August 3th, Euro is trying to rise behind Australian and New Zealanders

On Monday, August 2, at the end of the day, the euro closed slightly higher. The euro exchange rate increased by 0.02% to 1.1870. During the day, the market showed multidirectional dynamics. In early European trading, the price climbed to 1.1897. In the American session, buyers lost all points, retreating to the level of 1.1865.

Market participants are at a loss, because due to conflicting data in the United States, they do not know in what assets to sit out until the Fed summit in Jackson Hole, which will be held on August 26-28.

Scheduled statistics (GMT +3):

• At 10:00, Switzerland is to release the SECO Consumer Sentiment Index for the 3rd quarter.
• At 12:00 the eurozone is to publish producer price index for June.
• At 17:00 the United States will announce the change in the volume of production orders for June.
• At 23:30 weekly US oil inventories from the American oil instruct.

Current situation:

At the time of this writing, the euro is worth 1.1877. The price is trading near the balance line within Friday's range of 1.1852-1.1909. The market is balanced and ready for sharp price fluctuations. Today the euro is trying to start growing in the same way as yesterday's scenario. Major currencies are trading in positive territory, except for the Canadian. The first two ranks are occupied by the Australian (+ 0.66%) and the New Zealander (+ 0.61%).

When Aussies and New Zealanders rise in price, there is an appetite for risk in the market. Taking into account that the EUR / GBP cross has been in an upward movement for the last two days, with a further increase in the cross, one should expect the euro to strengthen to 1.1897.

Due to covid, the situation in all markets remains uncertain. The EUR / USD pair may rise sharply to 1.1900, and may quickly return to 1.1827 (67 gr.). At the hourly TF, a triangular pharmacy was formed with the boundaries of 1.1870-1.1890. Where the price will go in that direction and you should expect a movement.

The focus remains on the July nonfarm payrolls report due out on Friday. It will be the last major report before Jacks Hole. Experts predict that employment in July rose by 880 thousand.

Summary: the EUR / USD pair keeps moving in Friday's range of 1.1852-1.1909. Major currencies are trading in positive territory. Risk appetite has been observed in the Asian session. The Australian rose in price by 0.66%), the New Zealander - by 0.61%. Due to covid, the situation in all markets remains uncertain. The EUR / USD pair may rise sharply to 1.1900, and may quickly return to 1.1827 (67 gr.).

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