EUR/USD falls to a low of 1.0791 currently
Evidently, the economic damage is much worse than what many are expecting but just take note that the PMI reading was taken during the peak of the lockdown period - from 7 April to 22 April. Still, that doesn't leave a good taste in the mouth.
We all know April will be the worst month for most economies across the globe, but this just shows that even if there is a gradual recovery, it isn't going to be pretty.
For EUR/USD, price is now back under 1.0800 as sellers will now be eyeing to hold a break below the figure level to test support around the 1.0769-73 region next.
In turn, the dollar has also regained some decent momentum on the session as the greenback recoups losses across the board with cable now down to lows of 1.2310.
