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US Dollar Up As EU Ministers Fail to Agree Corvid-19 Response

US Dollar Up As EU Ministers Fail to Agree Corvid-19 Response

David Cottle, Analyst

US Dollar, Euro, European Union Ministers Fail To Agree Coronavirus Response Talking Points:

  • The US Dollar made broad haven gains as Eurozone finance ministers broke up without agreement
  • They’d reportedly been in conference for sixteen hours
  • Familiar north/south disagreements reportedly remain formidable

The US Dollar rose sharply as Wednesday’s Asia Pacific session wound down on news that European Union finance ministers had failed to agree on a strategy to mitigate the economic impact of the coronavirus on the Eurozone.

An emergency conference which ran for nearly sixteen hours saw no agreement on how to reconcile contrasting views. As usual France and the European south were up against Germany and its northern allies. The latter remain opposed to the issuance of joint debt, a long-time stumbling-block within the monetary union that many in the north are adamant will not be hastily removed by the exigencies of the virus.

Newswires report that Italy and the Netherlands were at particular loggerheads over conditions attached to use of the eurozone’s bailout funds.

A new call is scheduled for Thursday. Meanwhile the Eurozone faces deep recession and widespread unemployment. Perceived disfunction in this crucial economic area saw a flight to quality in global markets, with the US Dollar as the main beneficiary.

EUR/USD unsurprisingly saw falls but the Dollar was up across the board.

Euro Vs US Dollar, 5-Minute Chart

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--- Written by David Cottle, DailyFX Research

Follow David on Twitter@DavidCottleFX or use the Comments section below to get in touch!

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.