FX: EUR Dives After PMIs Shows Economy’s Collapse on the Coronavirus Hit

FX: EUR Dives After PMIs Shows Economy’s Collapse on the Coronavirus Hit

$EUR $USD

The EUR fell to its lowest in a month Thursday after data showed economic activity in the Eurozone virtually halted by government-imposed lockdowns to stop the coronavirus chaos.

The EUR was last at $1.07795, with investors awaiting the result of a meeting of EU leaders on the bloc’s response to the economic turmoil caused by the health emergency.

The Summit will bring a move towards joint financing to help the single currency bloc recover from a forecast deep recession caused by the pandemic by asking the EC to propose a fund big enough to target the most affected sectors and regions.

But uncertainty remains over how far EU governments will be prepared to share the burden.

The proposed Recovery Fund could help, but a lot will depend on its size, conditions and debt mutualization,” Bank of America analysts wrote.

We do not see a strong consensus to mutualize this debt.”

The EUR fell 0.6% Vs GBP to 87.7240 pence, with Sterling gaining even after UK preliminary PMI readings for April fell far below even the most pessimistic forecasts.

CURRENCY PAIRS

USD

CurrencyLastChangeChange %Time
EUR0.92680.00290.3139%6:20 PM +07
JPY107.4800-0.2400-0.2228%6:20 PM +07
GBP0.8085-0.0021-0.2591%6:16 PM +07
CHF0.97520.00390.4015%6:09 PM +07
AUD1.5726-0.0084-0.5313%6:10 PM +07
NZD1.6681-0.0117-0.6965%6:09 PM +07
CAD1.4132-0.0027-0.1907%6:10 PM +07
DKK6.91940.02970.4311%6:10 PM +07
NOK10.6620-0.0934-0.8684%6:09 PM +07
CNY7.0811-0.0020-0.0282%6:08 PM +07
SEK10.09510.00670.0664%6:10 PM +07
SGD1.4230-0.0038-0.2663%6:09 PM +07
MXN24.4420-0.0250-0.1022%6:10 PM +07
RUB74.9300-0.8960-1.1817%6:10 PM +07

Have a healthy day, Keep the Faith!

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