The euro is mostly unchanged against the pound and dollar as the markets waited for the speech from Fed Chair Jerome Powell.
The German government announced yesterday that it would extend its jobs support scheme until the end of 2021. The scheme, which is their equivalent to the furlough scheme in the UK, allows employees to work shorter hours whilst subsidising the rest of the wages, allowing staff to remain on the company’s books.
ECB official, Isabel Schnabel, said in a speech yesterday that side effects of the ECB’s negative interest rate policy will increase over time. However, she also said that the results of these policy measures have been overwhelmingly positive so far.
