EURUSD at ten-week highs, stocks continue to rise


The greenback was sold broadly on Tuesday,, and the EURUSD pair pushed above the critical resistance level of 1.1150. As long as the euro remains above this level, the immediate outlook seems bullish.

Stocks extended their gains, and the Nasdaq 100 index is just 60 points away from the all-time highs scored earlier this year, while the SP500 index seems ready to attack the 3,100 USD level. 

Earlier, President Donald Trump’s vowed to deploy large numbers of troops if cities and states don’t act to contain violence from the ongoing riots. Moreover, China had ordered U.S. soybean purchases to be halted, which sent equities lower, but the dip was quickly bought. 

World stock markets have rallied nearly 36% from March lows on hopes for a swift recovery from a pandemic that has killed almost 375,000 people and crushed global growth as countries shut down to try and slow the virus’ spread.

May Purchasing Managers Index data pointed to a fragile but encouraging recovery in global manufacturing, raising hopes that the worst is over.

Oil also advanced today, and the WTI benchmark pushed above 36 USD, which was last seen on March 9th. 
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