EUR/USD: Fresh weekly lows

Markets show panic continues, while unconventional monetary measures are on the table. German Chancellor Angela Merkel said will do ‘whatever is necessary,’ Valeria Bednarik from FXStreet reports.

Key quotes

“US benchmarks triggered a limit after the DJIA fell 1,000 in futures trading.  Panic seems limited, as Treasury yields hold on to modest gains, albeit retreating from highs.”

“Italian PM Conte urged EU leaders to consider issuing a joint debt in the Union to help the economy recover from the coronavirus crisis. German Chancellor, Angela Merkel said that Germany will do ‘whatever is necessary,’ to limit the impact of the outbreak. Uncertainty is high, which worsens the negative sentiment.”

“The EU confirmed February inflation at 1.2% YoY, while the US reported that Building Permits fell 5.5% in February, worse than anticipated, while Housing Starts were down by 1.5%, against an expected 4.9% decline.”