After 12 hours of heated discussion between the Members of the European Parliament, the bloc’s policymakers agreed to avail emergency funds to combat the coronavirus (COVID-19) pandemic amid the initial Friday morning in Asia, as per Reuters.
Key quotes
It was the parliament’s first ever remote vote following the suspension of meetings due to the risk of coronavirus transmission.
Only a handful of lawmakers gathered in the Brussels plenary chamber with the most of the 688 participating MEPs scattered under lockdown across Europe.
Wearing white, latex protective gloves, she called on the chamber to vote into law a special 37-billion-euro ($40.8 billion) fund to allow the 27 member states to spend more to prop up their economies.
The legislation will also allow an existing natural disaster fund to support strained public health services across the EU.
The assembly also supported the suspension of a rule that strips airlines of their landing slots if they do not run most of their scheduled services - so as to ease an industry crisis unleashed by the coronavirus pandemic.
FX implications
The news failed to provide any major market moves as investors are more concerned with the US House voting and virus numbers. Even so, the EUR/USD remains positive by the press while taking rounds to 1.1036. Further, the market’s trade sentiment seems to have stopped the previous risk-on as the US stock futures are making losses near 0.50% in contrast to Wall Street’s third day of gains by the end of Thursday.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks
EUR/USD remains offered around 1.1350
EUR/USD trades well on the defensive for the second day in a row, revisinting the mid-1.1300s on the back of the continuation of the upside impulse in the US dollar. The move followed firmer US PMI data and news indicating the White House may be considering tariff cuts on Chinese imports.
GBP/USD deflates to the sub-1.3300 area, USD bulls prevail
GBP/USD remained on the back foot Wednesday, slipping below the 1.3300 level as the Greenback gained further traction. The Dollar’s solid performance was supported by strong US data and fading concerns over a renewed escalation in the US–China trade dispute.
Gold slumps below $3,300 on signs of de-escalation of US-China trade conflict
Gold extends its decline and trades below $3,300 in the second half of the day on Wednesday. The Wall Street Journal reported that the Trump administration was considering to lower tariffs on Chinese goods, reviving optimism about a de-escalation in the trade war and causing Gold to lose interest as a safe-haven.
Bitcoin bullish momentum builds as premium exceeds 9% for first time in three months
Bitcoin price is extending its gains, trading above $94,000 at the time of writing on Wednesday, following a two-day rally of 9.75% so far this week. BTC rally gathers momentum as trade war fears ease, following US President Donald Trump’s downplaying of tensions with China.
Five fundamentals for the week: Traders confront the trade war, important surveys, key Fed speech Premium
Will the US strike a trade deal with Japan? That would be positive progress. However, recent developments are not that positive, and there's only one certainty: headlines will dominate markets. Fresh US economic data is also of interest.
The Best brokers to trade EUR/USD
SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.