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Dollar rose slightly in the market yesterday amid US Treasury Secretary Steven Mnuchin's statement, which called on the need for new measures for economic recovery.
He drew attention to certain sectors of the economy, and pointed out that those still need additional support to recover. Thus, an agreement on a new stimulus should be reached as soon as possible, as the future recovery of the US economy depends on it.
Mnuchin also mentioned that the Trump administration plans to present a program aimed to protect tenants against eviction, and this will be done through an executive order.
In addition, medium-sized businesses can count on further support and new loans totaling $ 25 to $ 50 billion, depending on how many applications are submitted. All of them will be considered on an individual basis.
But what worries most is whether Republicans and Democrats will come to an agreement in providing funds to PPP programs aimed at paying additional benefits to the unemployed. Mnuchin said that he would like to continue the $ 600 unemployment premiums, however, if the government wants a healthier economic background, an increase and additional tax reductions are necessary.
Anyhow, the US dollar reacted with growth to these calls, as well as to the strong data on manufacturing activity in the United States, which in August 2020 grew at the fastest pace in 1.5 years. This happened due to a sharp increase in production and new orders, thus, on the report of IHS Markit, the final manufacturing PMI came out at 53.1 points, while economists had expected it to be 53.5.
Meanwhile, ISM published Manufacturing PMI at 56.0 points for August, while economists had expected it to be 55.0. This indicates that as economic recovery continues, as does the relaunch of supply chains and increase in new orders following the coronavirus pandemic.
Thus, for the technical picture of the EUR/USD pair, bulls are currently having problems, but not on the impending breakout above the 20th figure. Instead, they have to return the quote to the resistance level of 1.1940, as a failure of which may lead to the pair declining to a price level of 1.1850, or 1.1810. But, if they manage to move the quote past 1.1940, price may jump even up to the monthly high, but then may be halted at the level of 1.2000.
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