ECB governing council is said to hold an emergency call on virus response
|The European Central Bank's governing council is said to hold an emergency call on virus response.
Meanwhile, the French Finance Minister Le Maire had said that they want the ECB to intervene ‘quickly & massively’.
Key notes
- France to let banks tap capital buffers, frees up EU8 bln.
- To take bank counter-cyclical buffer to 0%.
FX implications
The euro is significantly lower vs the US dollar today following a surge in the greenback to the 101 handle in the DXY. Markets will be eager to hear the announcements from the ECB, ut there is no telling how any action will affect the price of FX at this juncture, although the dollar squeeze is well and truly on and volatility is here to say in FX. There is downside potential still in EUR/USD to 1.0700 as a Jan 2016 pivot low.
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