The EUR/USD trades close to the 1.08 mark on Wednesday with stocks calming down following the Senate's approval of the $2 trillion stimulus package. 

Senate Majority Leader Mitch McConnell said, "At last we have a deal. I’m thrilled that we’re finally going to deliver to the country." After the deal was agreed, global markets looked more optimistic.  

FXStreet’s Valeria Bednarik explained, “The mood remained upbeat as US politicians came to an agreement on a $2B stimulus package that will likely be approved by Congress later this week.”

“Germany released the March IFO Survey, which was worse than expected. The Business Climate was confirmed at 86.1, following a preliminary estimate of 87.7.” 

She continued to add, “The US released February Durable Goods Orders, which were up by 1.2% in the month, much better than anticipated, although Non-defense Capital Goods Orders ex Aircraft fell by 0.8%. The report was ignored by market players.”

The Cable dropped under the 1.17 handle due to the USD’s surge, being seen as safe haven. The British pound seems to be struggling because of the current situation in the country after PM Boris Johnson ordered a lockdown amid the coronavirus outbreak. 

Soon after Johnson’s address to the nation, the pound dropped significantly.