EUR/USD: A recovery from the dollar

Schadenfreude, the German word for being joyful from the misery of others, is what EUR/USD is experiencing, in the opinion of FXStreet’s analyst Yohay Elam.

Key quotes

“The greenback's main downside driver is the Fed's open-ended QE program announced on Monday.” 

“The second factor boosting equities and taking its toll on America's currency comes from the progress of the Senate's $2 trillion bill. The House will begin debating it today and will likely pass it late in the day.” 

“Another reason to sell the dollar in normal days is the surge in US Unemployment Claims. These have surged to 3.283 million, an increase of 1,053% in one week, and the highest on record.”

“EU leaders have failed to agree on a unified economic response. Germany remains opposed to issuing common bonds while demands are rising from France, Italy, and Spain. A delay in the response may weigh on the euro.”

“The final US Consumer Sentiment figures from the University of Michigan for March will likely show another drop in sentiment.”