Worries over the disruption of coronavirus to the economy continue to impact the pound, which reached a five-month low against the euro and dollar yesterday. The UK has moved to the ‘delay’ phase of its strategy to deal with the spread of the virus.
Meanwhile, the markets were largely underwhelmed by the ECB’s response to the crisis, although the central bank has little room to manoeuvre. It kept its deposit rate unchanged, instead announcing an extension of its quantitative easing programme.
The US is implementing a travel ban on non-US citizens from the Schengen Zone. Nonetheless, testing is so far said to be inadequate.
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