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The ECB announced an emergency  €750 billion aid package but was not enough. EU and US data came in worse than anticipated, Valeria Bednarik from FXStreet reports.

Key quotes

“The ECB announced late Wednesday an emergency €750 billion ‘pandemic emergency purchase program’ (PEPP) to buy private and public sector securities. Demand for the greenback, however, prevailed.”

“Germany released an unexpected preliminary estimate of the March IFO Business Climate, which fell to 87.7 from 96.”   

“The US published Initial Jobless Claims for the week ended March 13, which jumped to 281K much worse than the 220K expected.”

“The Philadelphia Fed Manufacturing Survey was also a big miss, down to -12.7 from 36.7 previously.”