Virus tightens grip

Today’s news headlines:

  • ‘White House, Senators strike deal on massive stimulus package’ – A historic $2 trillion of spending and tax cuts got agreed between the Trump administration and the Senate yesterday. $500b will be used to back loans including $50b for airline companies. More than $350b will be made available to aid small businesses and $150b will be for hospitals and health-care providers. (Bloomberg)

    ‘Euro ministers inch toward rescue deal while virus tightens grip’ – Eurozone finance ministers have moved closer to agreeing a rescue package for struggling economies within the bloc. Yesterday, after a two-hour teleconference, detail on a proposal to activate the bloc’s bailout fund emerged. (Bloomberg)

Today's events, rates, and data 

  • Yesterday marked one of the biggest rallies on record in global equities after the US agreed a historical fiscal package. The US Dollar fell for a second consecutive day and the Yen remained relatively flat while oil prices edged towards $25 a barrel. 

Today's events

German IFO Business Climate and Sentiment surveys will be released at 9am with an expected reading of 87.9.

US month on month Durable Goods orders are expected to show -1% growth in February, down from -0.2% previously.

Interbank rates:

GBP/USD: $1.1830

GBP/EUR: €1.0950

EUR/USD: $1.0800