Brazilian real crumbles against the euro

As the Brazilian president downplays the novel coronavirus, the Brazilian real crumbles against the euro. Despite being struck by the paralyzing virus, the eurozone’s single currency holds the upper hand in the EURBRL pair. The far-right president of Brazil, Jair Bolsonaro, defied his own government’s social distancing policies against the coronavirus. Bolsonaro joined and interacted with his supporters on the streets of Brasilia as he urges them to continue living normally and keep the economy going. It appears that the economic activity comes first than prioritizing safety and health, leaving a rather distasteful trace to investors. Meanwhile, the current weakness of the euro is attributed to the dwindling confidence over the economic sentiment of the bloc. Also, Berlin’s council of economic advisers said that the economy could contract as much as 5.4% this year courtesy of nonother than the novel coronavirus.