Search ForexCrunch

Mitigating measures taken in Spain, other European countries led to “very severe” disruption of economic activity, said the European Central Bank (ECB) Governing Council member Pablo Hernandez de Cos on Friday.

He further calls for enhanced coordination at the European level to mitigate the impact of coronavirus.

Additional quotes

Asset purchase program to be completely flexible.

Limits on asset purchases can be relaxed if needed.

ECB to do ‘whatever it takes’ to respond to virus impact.

EUR/USD reaction

EUR/USD is reversing its recovery gains to now trade at 1.0775, still up 0.80% so far.

The spot rebounded from a three-year low of 1.0653 and reached as high as 1.0832 before turning south again. The US dollar dynamics continue to lead the way amid further stimulus expectations and incoming coronavirus updates.