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FOREX-Euro gains after ECB announces asset purchase programme

Published 03/19/2020, 07:24 AM
Updated 03/19/2020, 07:32 AM
© Reuters. FOREX-Euro gains after ECB announces asset purchase programme

* Graphic: World FX rates in 2020 https://tmsnrt.rs/2RBWI5E
* ECB holds emergency meeting
* Coronavirus grips financial markets
* Some investors hoarding dollars

By Stanley White
TOKYO, March 19 (Reuters) - The euro rose on Thursday
against the dollar and the pound after the European Central Bank
announced a 750 billion euro asset-purchase programme in
response to the coronavirus outbreak.
The ECB said the new programme, which targets public- and
private-sector assets, will be conducted until the end of 2020.
The ECB's announcement is the latest in a series of steps by
major central banks this week to offset the impact the
coronavirus outbreak is having on the global economy and
financial markets.
The euro EUR=EBS rose 0.26% to $1.0947 early in Asia on
Thursday. Against the pound, the euro rose 0.6% to 94.30 pence.
Against the yen, the common currency gained 0.47% t 118.55.
The ECB's purchase scheme, which was announced at an
emergency meeting late on Wednesday, came less than a week after
policymakers launched fresh stimulus measures.
The new asset-purchase programme will also include debt from
Greece, which has so far been shut out of ECB bond purchases due
to its low credit rating, the ECB said.
Global markets have experienced months of turmoil as the
coronavirus, which emerged in central China late last year, has
now spread to more than 100 countries and claimed more than
8,000 lives. The heightened uncertainty around previously unknown virus,
which has triggered emergency lockdowns and injections of cash
unseen since World War Two, is causing investors to abandon
traditional trading strategies in favour of selling what they
can to keep their money in dollars.

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