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  • EUR/USD falls to print fresh lows on French lockdown news. 
  • France expected to announce a nationwide lockdown tomorrow to start on Thursday night.

EUR/USD is up against coronavirus pressures which are seeing the pair extend the downside to a fresh low since Wall Street’s open to 1.1783.

At the time of writing, the pair is trading at 1.1783 from a high of 1.1797 in early Asia, extending the Wall Street downside from 1.1837. 

In recent trade, the news that the French President Emmanuel Macron is expected to announce a nationwide (degree uncertain) lockdown on Wednesday during a televised address to the nation at 8pm that will start on Thursday night has pressured the single currency. 

The coronavirus has moved the nation to reinstate its COVID-19 state of a health emergency.

The state of health emergency is a legal framework allowing the government to take a stricter line on fighting the spread of infections.

Two thirds of the French population have been placed under a nighttime curfew but the PM is reported to have told union leaders that curfews were not enough to control the surge in infections which on Sunday hit a new record of over 52,000 cases.

But widespread reports on Tuesday evening suggested Macron and the government are in favour of imposing a four-week national lockdown from midnight on Thursday, but with primary schools and public services to remain open.

Bars and restaurants would have to close completely, however. Reports also said secondary schools would also close.

It was not clear if all shops would be allowed to stay open or just those selling essential goods such as groceries, which was the case in spring.

The state of crisis became clear on Tuesday evening when the public health body Santé Publique France reported 523 more Covid-19 related deaths.

That’s the highest daily total since April. 

EUR/USD levels

The euro is under pressure as follows: