XE Market Analysis: North America – Jul 17, 2020

The dollar has weakened against the euro while holding within Thursday ranges against most other currencies. The common currency ran higher, despite Germany’s Merkel managing expectations into the start of the EU leaders’ summit on the EU recovery fund, saying earlier that “differences are still very big,” although remarking that there is a lot of “impetus” going into the discussions. Incoming data, including an as-expected confirmation of preliminary Eurozone June CPI at 0.3% y/y and a 27.9% rebound in Eurozone May construction data, have had little impact.