EUR/USD: New US Covid-19 cases overshadow upbeat economic data

EUR/USD has been edging lower, trading just below the 1.1250 level, as US coronavirus fears outweigh improving data. Today, US jobless claims and COVID-19 statistics are eyed, FXStreet’s analyst Yohay Elam reports.

Key quotes

“The worrying news from Texas, Florida – and also Beijing which is suffering an outbreak – has outweighed optimism from robust US retail sales figures published earlier this week. Reopening quickly may have helped the economy but it may hit it back.”

“There are over four months until the presidential elections, but some investors fear a clean sweep by Democrats, which would result in more regulation. For now, Trump's rival Joe Biden has a substantial lead in the polls while Republicans are set to hold onto the Senate – a result that would probably please markets.” 

“Apart from updated coronavirus statistics, markets will likely react to weekly jobless claims due out later on Thursday. The downside trend is encouraging, yet the high number of claims – set to remain above one million – still shows the damage inflicted by the disease.”