Optimism is fading: lockdown is spreading worldwide and the ECB comforts expectations that central banks cannot do much more
The balance between optimism linked to vaccines and hopes of fiscal stimulus in the US and pessimism fueled by the immediate impact of the pandemic…
On the other hand, the rebound in industrial activity is confirmed in Germany, with bottlenecks in the automobile sector easing.
To be followed today, the ZEW survey in Germany and the latest estimate of GDP growth in the euro zone in Q2 (+2% q/q for the moment). Still nothing from the US despite the reopening of the markets. The EUR/USD exchange rate is fairly stable around 1.1870 while waiting for the ECB meeting.