The US notched more than 52000 new COVID 19 cases in 24 hours Wednesday, reported by JohnsHopkins University. This is the new record of infections around the country. 52898 more cases was recorded as of 8.30 pm Wednesday, so the total number of cases in US counted to 2682270.

Public health experts on Wednesday criticized the US for securing a large supply of the only drug licensed so far to treat COVID 19.US Government announced that it had signed an agreement with Gilead Sciences to make the bulk of their production of remdesivir for the upcoming three months.

The minutes of the June FOMC meeting reveal that the Fed is leaning toward enhanced forward guidance and away from yield curve control at least for the time being. Participants agreed that they had experience with asset purchases and forward guidance and that these are effective tools. They leaned toward outcome-based forward guidance and indicated that more guidance would be needed in the coming months.

Central bankers on the Federal Open Market Committee voted then to hold their benchmark short-term borrowing rate in a range of 0%-0.25% and said that rate likely would prevail until the economy “had weathered recent events.”

According to the US ADP Non-Farm Employment Change report Private payrolls grew by 2.369 million for the month, a bit lower than the 2.5 million expectation from economists surveyed by Dow Jones, according to a report Wednesday from ADP and Moody’s Analytics.

 EUR/USD 4 Hour Chart:

Support: 1.1199 (S1), 1.1147 (S2), 1.1109 (S3).

Resistance:  1.1289 (R1), 1.1327 (R2), 1.1379 (R3).

Although FOMC meeting and US ADP data is favorable, Investor’s worries on the rising cases of COVID 19 in US and US-China tension pressures USD. We expect a bullish trend for EUR/USD.