The Euro notably diverged from sentiment-driven trade. The single currency faced heavy selling pressure amid worries about an upcoming ruling from the German constitutional court on the legality of the ECB’s emergency asset purchase program (QE).An outcome compromising the central bank’s response to the economic malaise triggered by the Covid-19 pandemic might translate into heavy pressure on the Eurozone’s more troubled sovereigns, like Italy and Spain. A surge in borrowing costs there is likely to broadly punish EUR.It might likewise sour overall sentiment. European shares are on the upswing and futures tracking the bellwether S&P 500 stock index are pointing firmly higher ahead of the opening bell on Wall Street. That ma be reversed if credit stress returns to the Eurozone, with JPY and USD the likely beneficiaries.
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