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US Coronavirus deaths top 1000

GBP - British Pound

Its been another wild ride for GBP/USD over the past 24 hours as it fell from around 1.1970 to a low of 1.1640 before recovering to currently trade above 1.19 again. 200-300 pip intraday moves are now the new norm in Coronavirus affected markets. After falling close to 1.14 last week, its lowest since the mid-eighties, there seems to have been some support added to the pound with the UK government's unprecedented stimulus package, interest rate cuts and more QE from the Bank of England, and the announcement on restrictions on the movement of people in an effort to try and prevent the virus spreading.

Yet more measures to support self-employed people are expected to be announced from Chancellor of the Exchequer, Rishi Sunak later today, with The Times reporting that millions will be offered around £1700 a month. Scenes of packed commuter trains with builders going to work has particularly alarmed some, so action is needed to support tradesmen whilst they stay away from sites around the country.

The UK government announced last night that millions of testing kits will be made available from next week to those suspected of having the virus as well as to key NHS workers. The government has also bought 10k ventilators from Dyson to help those affected by Covid-19.

Off-licences have been added to the list of companies that can operate as supermarkets across the country run dry of alcohol on its shelves.

GBP/USD is currently at 1.1950 with GBP/EUR at 1.0920.

Key Movers

The US signed off a $2 trillion rescue package last night that will provide support to individuals, businesses and medical centres hit by the Coronavirus outbreak. Reports state that persons with an income of less that $75k a year will receive cheques for $1200 with children receiving $500. After two days of debate the bill was unanimously signed off by the senate so that America can fight a situation that is deteriorating rapidly. New York state has been particularly badly affected with close to 30k cases being confirmed and 368 deaths reported. The doubling of cases in two days should sound alarm to many at The White House however President Donald Trump has recently said he wants America back to work by Easter, which looks like it will be a stretch to put it mildly.

The European Central Bank has announced an unlimited QE programme to shore up the Eurozone economy as deaths surge across the continent. Spain has now overtaken China to be the second worst affected by way of deaths with 3434 now confirmed to have succumbed to the virus. Italy recorded another 683 deaths taking its total to over 7.5k with around 75k cases confirmed. The glimmer of hope is that the rate of infections has now fallen for four straight days.

India has announced a lockdown of its residents meaning around 1.3b people have restrictions over their movement, its estimated that a quarter of the planets population are now living under such rules.

EUR/USD trades at 1.0930, USD/JPY is back under 110. AUD/USD is back under .60 and USD/NZD around .5850 as stock markets slip back a little after the huge gains seen Tuesday and Wednesday.

Expected Ranges

GBP/USD: 1.1790 - 1.20 ▲

GBP/EUR: 1.0820 - 1.0990 ▼

GBP/AUD: 1.99 - 2.0150 ▲

GBP/NZD: 2.0260 - 2.05 ▲

GBP/CAD: 1.6780 - 1.70 ▼