The Bank of England kept interest rates unchanged at 0.10%, whilst maintaining their Asset Purchase Program at £645bn. However, the central bank did mention that they are ready to expand this program if need be which helped the Pound strengthen further against the Euro and Dollar.
UK-EU trade negotiations have so far proved to be very difficult to conduct via video-conferencing, with the negotiation schedule being scrapped. Chancellor Sunk announced further measures including a £9bn bailout for self-employed workers.
The ECB has abandoned their self-imposed limits on buying bonds and have said they are ready to help EU governments. EU leaders have failed to agree on what the next steps should be in order to stimulate their economies. German Chancellor Merkel mentioned that the economic impact of the virus is likely to be bigger than the financial crisis. Overall the Euro has lost ground against a stronger Pound.
The House of Representatives will debate the Senate’s $2tn bill to help combat the economic impacts of the virus, which a vote taking place later today. US unemployment claims surged to 3.283 million (an increase of over 1000%) which weakened the Dollar. Federal Reserve Chairman Powell said that there is still room for further action to combat the coronavirus, whilst made the greenback lose even further ground.