EUR/USD: Taking the stairs up and the elevator down

Bumps on the road and more evidence of the economic damage may weigh on the EUR/USD pair, in the opinion of FXStreet’s analyst Yohay Elam.

Key quotes

“The Bank of France reported that retail sales plunged by 24% in March and 7.2% in the first quarter. While supermarket sales are up, the rest of the economy is struggling.”

“The US publishes consumption figures later in the day and they are also set to be depressing, potentially weighing on the market mood.” 

“The IMF published forecasts including a 3% squeeze for the global economy in 2020.” 

“Later in the day, we will hear from the Fed via its Beige Book. The report includes evidence from the Fed's regions and serves as a guide toward the bank's decision in two weeks. It may also paint a depressing picture.”