30.04.2020 EUR/USD Daily Analysis

30.04.2020 EUR/USD Daily Analysis

EUR/USD is trading at $1.0884. The Federal Reserve met on Wednesday and once again they expressed a desire to do more to support the economy if need be. The Fed announced that they would keep the interest rates unchanged, near 0.  Fed Chairman Jerome Powell said,  "We will continue to use our tools to ensure that the recovery, when it comes, will be as robust as possible. It may well be the case that the economy will need more support from all of us if the recovery is to be a robust one." The European Central Bank is meeting today to decide on a more than 1 trillion euro stimulus plan. Countries like France and Spain announced a quarterly drop in its GDP; France fell by 5.8% and Spain by 5.2%.  Michael Cahill, a strategist from Goldman Sachs said, "Our economists expect the ECB to announce a 500 billion euro expansion to the (bond buying) program to serve as a backstop against increased fiscal issuance needs."