The Euro came under some heavy selling pressure in the very early part of European trading. It came on the back of reports that the European finance ministers failed to reach an agreement on a package in response to Coronavirus.
EU finance ministers conducted an all-night teleconference that ended on Wednesday morning. They were said to not aggress on the issuance of corona bonds and how to construct loans for its bailout fund. The dispute meant ministers could not agree on a report for EU27 leaders that lays out crisis-fighting measures and for a post-pandemic recovery.
Ministers had hoped to agree to a package of measures that could have provided half a trillion euros worth of support for the economy.
The latest reports suggest that ministers are going to be reconvening on Thursday as they seek to find enough common ground to put forward a set of recommendations for EU leaders to consider this month.
In terms of the Euro is had been rising since late Monday, driven largely by optimism that a deal was going to be announced late on Tuesday or Wednesday morning. It was also being helped in its move north by the signs of dropping Coronavirus cases in Europe’s hotspots; Italy, France and Spain. The next trend defining move is dependant on the outcome of this finance ministers meeting if they can all agree on something substantial for the bloc.
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