Following the G20 leader’s conference call on the coronavirus outbreak, Germany’s Chancellor Angela Merkel said that the impact of coronavirus likely to be bigger than the financial crisis.

Further quotes

We have asked Eurozone finance ministers to work out within two weeks the technical details of bailout fund credit lines for euro zone to fight coronavirus. For Germany, ESM bailout fund is the main instrument to help other European countries in the coronavirus crisis. When asked on Eurobonds, she said that the ESM is giving enough scope to react without giving up fundamental principles.

On Thursday, the German disease and epidemic control center, Robert Koch Institute (RKI), said that the number of confirmed coronavirus cases has risen to 36,508, with a total of 198 deaths reported.

The lockdowns that ensued the efforts to curb the virus spread is likely to hit the economy, with a recession widely priced-in.

EUR/USD implications

The dollar weakness remains the main driving force behind the EUR/USD’s corrective upside, as the pair trades strongly bid above 1.1050 so far this session.