FX.co ★ Trading idea for May 1, 2020. EUR/USD. Euro growth. Coronavirus updates.

EUR/USD surged after the weak report on the US labor market.

Neither the Fed nor the ECB statements impressed the EUR/USD pair, but the new jump on US unemployment dragged USD down.

New jobless claims in the US amounted to 3.8 million last week, much higher than forecasts.

Long-term unemployment, meanwhile, recorded 18 million.

(Everyone has their own scales. In India, unemployment reached 140 million).

Thus, demand for the euro arose. Keep purchases from 1.0850, stop at 1.0830.

Euro rally may begin.

Coronavirus updates:

In mainland Europe, countries are steadily emerging from the epidemic: daily deaths in Italy, Spain and France already dipped below 300. Britain, on the other hand, remains worse, with approximately 670 deaths per day.

In the US, new infections have long been stabilized, but the number of active cases still does not decline. Fatality is also high at a level of 2,200 per day, but this is due to the situation on other states, as New York's situation is already steadily improving.

Trump continues advocating the abolition of quarantine measures amid concerns on the unfinished pandemic.

Update on Russia will be featured in the Trader's Diary review at 8:30 or 10:00 London time, depending on the release of new reports.