Prime Minister Johnson announced a move from the contain to delay phase of the coronavirus response, with nearly 600 cases now reported across the UK. The next round of Brexit talks has been cancelled as a precaution, with both parties considering using video conferences instead. As a result, the Pound has weakened against both the Euro and the Dollar.

The Euro saw some minor strength after the ECB decided to avoid cutting interest rates for the time being, and focused on their fiscal response to the outbreak. The ECB announced they will increase their quantitative easing programme by purchasing €120bn worth of bonds to provide liquidity to the market. Eurozone industrial production surprised the market with a release of 2.3% compared to the 1.4% that had been forecasted.

The Federal Reserve has just announced that they will inject over $1.5tn into the short-term funding market on a temporary basis to help with the economic impacts of the coronavirus. Although US inflation data came out worse than expected yesterday afternoon, the Dollar continued to make gains against the Pound and the Euro due to its safe-haven status.