The UK Parliament is expected to close tonight, bringing their Easter recess forward. UK manufacturing data came out better than expected at 48.0, whilst services PMI figures showed a slowdown to 35.7 compared to the forecasted figure of 45.0.
Overall, the Pound has made gains against both the Euro and the Dollar as the lockdown announced by PM Johnson was welcomed by the market.
German Ifo economist Wohlrabe believes that GDP will drop by between 5-20%, although this is dependent on how long the shutdown will take place. The Euro is under pressure as cases of the coronavirus surge across the continent.
The US Senate has reached an agreement on a fiscal stimulus package worth $2tn to help against the impact of the pandemic. This measure, coupled with unlimited quantitative easing from the Federal Reserve, led to the Dollar losing some ground. In addition, the World Health Organization said that the US could be the next epicentre of the coronavirus, with the markets choosing to focus on this rather than the greenbacks safe-haven status.