The uncertainty unchained by Covid-19 is set to cap the EUR/USD recovery in the opinion of analysts at ANZ Bank.

Key quotes

“Given the euro area’s high beta to global trade, we expect more global uncertainty around the virus to keep any upside capped.”

“The economy remains weak, and the huge shock to supply chains will be felt for some time.”   

“Spot: 1.10 ANZ Fair value: 1.07”