The Pound has strengthened against the Euro. However, ratings agency Fitch predicts that GDP in the UK could fall by around 4% this year which stopped any further gains towards the end of the yesterday.

Changes have been made to the business interruption loan scheme to allow companies easier access to funds that they need. In addition, Chancellor Sunak will speak to banks that have been accused of taking advantage by charging interest rates of up to 30% on these loans.

ECB member Rehn has said that although the central bank has taken monetary measures, governments around the Eurozone need to make an impact with strong fiscal responses. Italy is rumoured to be planning to introduce further fiscal stimulus worth around €40bn. Services PMI data from Italy, Spain, France and Germany have all been released worse than expected, which has put the Euro on the back foot this morning.

US initial weekly unemployment claims released yesterday showed an increase to over 6.5m compared to 3.6m that was forecasted. That raised concerns in the market about what further economic impacts there will be due to the coronavirus, and in turn strengthened the Dollar due to its safe-haven status. At 1:30pm, a flurry of US labour market data will be released including non-farm payrolls and the unemployment rate which is likely to cause further volatility.