French president Macron calls ECB’s measures today ‘insufficient’

Ross J Burland FXStreet

French President Macron says coronavirus epidemic is "most serious health crisis that France has known in a century".

Key notes

Macron calls ECB’s measures today ‘insufficient’.
Macron: to do whatever it costs to protects companies & their employees from virus.
French pres. Macron calls ECB’s measures today ‘insufficient’.
France's Macron to massively increase hospitals' capacity to deal with coronavirus.
Urges elderly people and those with health issues to stay at home for as long as possible.
Says municipal elections in France to go ahead.
From monday, education establishments to close.
Will ask businesses to allow staff to work from home.
Public transport to stay open.
State will take on salaries of those who have to work from home.
Taxes due in march to be postponed.
ECB measures today are not sufficient.
Will discuss with Trump from tomorrow a G7 initiative on coronavirus.
If necessary, we will close frontiers but only in co-ordination with EU.

FX implications

The markets ar risk-off which is a supportive factor to the euro due to the unwind of the carry trade. However, the ECB disappointed which weighed heavily on the euro, which only managed a recovery in New York due to dollar fundamentals. More on that here: EUR/USD collects a strong NY bid from Fed market operations and prospects of Fed QE

Author

Ross J Burland

FXStreet

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

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