23.04.2020 EUR/USD Daily Analysis

23.04.2020 EUR/USD Daily Analysis

EUR/USD is trading at $1.0806. The USD went up against the currencies of oil-producing countries. Later today, EU officials are set to have a meeting to discuss the bloc`s response to economic devastation caused by the pandemic (a bloc is a group of countries with common interests who have an alliance). The bloc`s official said that it might take EU countries until summer to agree on how to finance aid to help economies recover from the pandemic. The European Central Bank has put out a statement that it has agreed to accept junk bonds as collateral to allow banks to finance themselves which should have a positive effect on the EUR. In the past 5 weeks, up to 26 million Americans have sought unemployment benefits due to the nationwide lockdowns to stop the spread of coronavirus. Later today, jobless claims data for this week will be released by the Labor Department, and the numbers are expected to be high.  Scott Anderson, chief economist at Bank of the West said, "The U.S. economy is hemorrhaging jobs at a pace and scale never before recorded. It compares to a natural disaster on a national scale."