EUR/USD: Watching if bulls are able to capitalize the momentum

The Fed's unlimited QE, $2 trillion US stimulus package weighed on the USD. Thursday's key focus will be on the US macro data, Haresh Menghani from FXStreet informs.

Key quotes

“Persistent offered bias around the US dollar, all against the backdrop of the Fed's unlimited QE, was seen as one of the key factors driving the pair higher. Investors further took comfort from the passage of a massive $2 trillion US stimulus package.”

“On Thursday, the European Central Bank is scheduled to release the monthly Economic Bulletin.” 

“The key focus will be on the US initial weekly jobless claims for the week ended March 20. Economists are looking for claims to soar to 1,000K as compared to the previous week's reading of 281K.” 

“The US economic docket also features the release of the final GDP print, which is expected to confirm that the economic growth stood at 2.1% annualized pace during the final quarter of 2019 and might fail to provide any meaningful impetus.”