EU lawmakers back aid for virus-hit economy in remote vote – Reuters

After 12 hours of heated discussion between the Members of the European Parliament, the bloc’s policymakers agreed to avail emergency funds to combat the coronavirus (COVID-19) pandemic amid the initial Friday morning in Asia, as per Reuters.

Key quotes

It was the parliament’s first ever remote vote following the suspension of meetings due to the risk of coronavirus transmission.

Only a handful of lawmakers gathered in the Brussels plenary chamber with the most of the 688 participating MEPs scattered under lockdown across Europe.

Wearing white, latex protective gloves, she called on the chamber to vote into law a special 37-billion-euro ($40.8 billion) fund to allow the 27 member states to spend more to prop up their economies.

The legislation will also allow an existing natural disaster fund to support strained public health services across the EU.

The assembly also supported the suspension of a rule that strips airlines of their landing slots if they do not run most of their scheduled services - so as to ease an industry crisis unleashed by the coronavirus pandemic.

FX implications

The news failed to provide any major market moves as investors are more concerned with the US House voting and virus numbers. Even so, the EUR/USD remains positive by the press while taking rounds to 1.1036. Further, the market’s trade sentiment seems to have stopped the previous risk-on as the US stock futures are making losses near 0.50% in contrast to Wall Street’s third day of gains by the end of Thursday.

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Feed news

FXStreet Trading Signals now available!

Access to real-time signals, community and guidance now!

Latest Forex News

Editors’ Picks

AUD/USD holds onto recovery gains above 0.6050, RBA eyed

AUD/USD stays within the two-hour-old 0.6080-6100 range, currently around 0.6090, while stepping forward for Tuesday’s Asian session. In doing so, the pair holds onto Monday’s recovery gains, mainly due to slightly positive coronavirus (COVID-19) data from Europe, ahead of the key RBA meeting.


USD/JPY: Mildly bid above 109 amid mixed sentiment

Having benefited from the recovery in virus data from global hot-spot, while marking a three-day winning streak on Monday, USD/JPY buyers seem to catch a breath around 109.25 amid the early Asian session on Tuesday.


Gold: Refreshes four-week high, $1,685 on bulls’ radar

Gold prices remain on the front foot while taking the bids near $1,668, up 0.70%, amid the Asian session on Tuesday. In doing so, the bullion refreshes the four-week high with an intraday peak of $1,674.15 while also marking a fifth consecutive daily gain.

Gold News

WTI fragility amid OPEC+ delays

The price of oil has been under some pressure in recent trade considering the delays to the OPEC meeting which had been scheduled for Monday but put back until Thursday. Markets are otherwise enjoying some recovery amid signs of a slow down in COVID-19 contagion. 

Oil News

Johnson Hospitalised, Oil Awaits Treatment

Sterling slipped after UK Prime Minister Boris Johnson was moved to the intensive care unit for coronavirus treatment, but the broad risk trade remained strong on optimism with slowing growth in the number of Corona virus cases. 

Read more