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- European session review: USD weakens as investors buy riskier currencies after U.S. stimulus agreed
European session review: USD weakens as investors buy riskier currencies after U.S. stimulus agreed
| Time | Country | Event | Period | Previous value | Forecast | Actual |
|---|---|---|---|---|---|---|
| 09:00 | Germany | IFO - Current Assessment | March | 99 | 93.6 | 93 |
| 09:00 | Germany | IFO - Expectations | March | 93.2 | 81.9 | 79.7 |
| 09:00 | Germany | IFO - Business Climate | March | 96 | 87.7 | 86.1 |
| 11:00 | United Kingdom | CBI retail sales volume balance | March | 1 | -12 | -3 |
| 12:30 | U.S. | Durable goods orders ex defense | February | 3.6% | -0.9% | 0.1% |
| 12:30 | U.S. | Durable Goods Orders ex Transportation | February | 0.6% | -0.4% | -0.6% |
| 12:30 | U.S. | Durable Goods Orders | February | 0.1% | -0.8% | 1.2% |
USD weakened against most other major currencies on Wednesday as the reports the U.S. Senate finally reached an agreement on a massive stimulus package last night eased money market nerves, prompting investors to buy riskier currencies. The U.S. Dollar Index (DXY) fell 0.57% to 101.46.
Republican Senate Majority Leader Mitch McConnell announced that White House and Senate leaders reached a deal early Wednesday on a $2 trillion relief bill to combat the economic impact of the coronavirus outbreak.
Specifically, the bill includes $500 billion in direct payments to Americans, $367 billion in support for small businesses, $500 billion in support for larger businesses and states, enhanced unemployment benefits, $130 billion for hospitals and other measures. The Fed will also be provided a liquidity facility to lend $4 trillion to businesses.
A full vote on the bill in the Senate is expected later today.
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