The Pound has recovered some of its losses after Bloomberg reported that the UK is willing to compromise on the issue of fisheries if the EU would give further ground in other areas. In addition, better than expected UK final GDP data was released this morning which further propped up the Pound against both the Euro and the Dollar. Discussions are also underway with France to reopen the border as soon as possible.
The Euro has continued to strengthen after German consumer climate data surprised the market this morning with a better than anticipated reading. Eurozone consumer confidence data was also released yesterday afternoon at -14 compared to the forecasted -18 figure. Overall, economic data coming out of the Eurozone has been impressive recently but the market remains cautious that this could change very quickly.
Both the US House of Representatives and Senate passed the much anticipated $900bn coronavirus relief package as well as announcing $1.4tn in government funding and corporate tax breaks. This led to the Dollar weakening once again due to a lack of demand for its safe-haven status as analysts believe that this is likely to be enough for the US to avoid a double-dip recession.