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The optimism in the markets following the IMF pledging $50 billion in aid to fight the coronavirus outbreak was short-lived.

After the state of California declared an emergency, equity markets continued to fall.

So far, the sell-off in the equity markets has been one of the worst since the 2008 financial crisis. The volatility index from CBOE rose to 34.54 points mid-day.

Italy Seeks Suspension of EU Budget Rules

Italy, one of the worst hit countries outside of China by the Coronavirus, is expected to seek a budget exemption from the EU budget rules.

The deputy minister said that his government is considering increasing its spending to fight the epidemic to 5 billion euros from 3.6 billion previously. This comes as Italy already stands as one of the most highly indebted countries in the eurozone.

EURUSD Struggling Near Resistance

The common currency’s momentum is somewhat slowing. It trades at the resistance level of 1.1177 and the 1.1200 region. However, as the Stochastics oscillator...


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