EUR/USD managed to finally test the solid barrier at the 1.0990 region earlier on Wednesday, although the move lacked follow through and motivated sellers to quickly step in and drag spot lower.
In the meantime, the centre of the debate in the global markets appears to have shifted away from the developments of the coronavirus to the hard recovery that many economies will face once the COVID-19 crisis is over. In this regard, IMF’s Chief Christine Lagarde said on Tuesday that the think tank now sees the world economy contracting around 3% this year.