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Euro stumbles as emergency Eurozone conference ends without agreement

business-articlesEuro stumbles as emergency Eurozone conference ends without agreement
  • Pound static as PM remains in intensive care
  • US dollar recoups losses
  • Euro under pressure after Eurozone meeting
 
 
Pound sturdy despite rise in UK fatalities
 
While the news that PM Boris Johnson had been moved to intensive care initially weakened the pound, the currency was able to edge slightly higher against the euro on Tuesday and gain on a broadly weakening US dollar.
 
Sterling stabilised as it was reported that Prime Minister Boris Johnson – while still in intensive care – is in ‘good spirits’ and is not on a ventilator.

Foreign Secretary Dominic Raab, who is deputising for Johnson, asserted that the cabinet is working as ‘a great team’ to keep order while the PM is hospitalised.

The pound could enjoy a temporary boost if reports reveal British Prime Minister Boris Johnson’s condition has improved enough to move him out of intensive care, but another rise in coronavirus fatalities could cap gains.
 
US dollar bounces back
 
The US dollar recorded losses against a number of its rivals yesterday as risk appetite improved after a lower number of coronavirus cases and deaths in Europe suggested lockdowns were slowing the spread of the virus.

However, USD exchange rates staged a comeback during the Asia Pacific session as Eurozone Finance Ministers failed to agree a coronavirus response following an emergency meeting.  

The US dollar may remain on an uptrend today if concerns remain over the Eurozone’s approach to tackling the economic impact of the coronavirus.

Investors will also be focusing on the publication of the minutes from the latest Federal Open Market Committee (FOMC) gathering. 

Euro pressured as Eurozone remains at ‘loggerheads’
 

The euro came under pressure overnight as Eurozone Finance Ministers failed to agree a coronavirus response. 
 
An emergency conference (which ran for 16 hours) ended without agreement, with Italy and the Netherlands reportedly at ‘loggerheads’ over the conditions attached to utilising the Eurozone’s bailout funds.
 
With no influential Eurozone data to focus on today the euro could remain on the back foot.
 
 
Upcoming Data:
 
Wednesday, 8th April 2020
13:30 CAD Building Permits
19:00 USD Federal Open Market Committee Meeting Minutes
 
Philip McHugh

Philip McHugh

Joining the corporate trading desk in 2007, Phil now over sees all of Currencies Direct’s corporate dealing activity. Having gained experience working with hundreds of businesses to optimise international payments processes and execute comprehensive risk management strategies, Phil currently works with a portfolio of corporate clients whilst managing Currencies Direct’s overall market exposure

Phil has FCA approval and has completed the Certificate in International Treasury Management (CertiTM)

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