24.04.2020 Eur/GBP Daily Analysis

24.04.2020 Eur/GBP Daily Analysis

Eur/GBP is trading for 0.8714 today, it went down with 0.0004 from 0.8718 The pair is trading low today because EU leaders failed to reach an agreement regarding the COVID-19 aid pack. The European leader’s videoconference to draft the rescue package didn't go well as the Eu leader did not come to an agreement although they did sign off on a  pre-agreed €500 billion euro emergency financial package before. According to German Chancellor Angela Merkel, the leaders have not found common ground at every point, Merkel reiterated Germany's refusal to euro bonds although she recognizes that a recovery fund is needed. The EU is therefore under pressure to come up with a satisfying solution to support the worst-hit countries because another disagreement might heighten the differences between members and put the Union in danger making the euro become weaker. According to the European Central Bank President Christine Lagarde, the European Union's economy could shrink by as much as 15% this year as a result of the pandemic