EUR/USD: Euro's ability to withstand pressure is a bullish sign

The EUR/USD pair has weathered a horrible US jobs report while tensions within the EU and gradual lifting of lockdowns are on the agenda, FXStreet’s analyst Yohay Elam briefs.

Key quotes

“Ursula von der Leyen, the European Commission's president and a German, has said that judges in Karlsruhe have overreached their authority by deeming part of the ECB's bond-buying plan – which is critical to stabilizing the economy – as illegal.”

“The ECB's PEPP – the latest scheme – is set to run out of funds in October and more may be needed. Any impediment could weigh on the euro, and the intervention from Brussels is meant to allow the bank to do its job.”

“Europe's largest countries have reported a drop in daily deaths from the disease, as they all proceed with a gradual easing of the lockdowns. Fears of a second wave – especially in Germany – are feared.”