European session review: EUR weakens as investors weigh acceleration in new coronavirus cases and ECB minutes

EUR fell against its major counterparts in the European session on Thursday as investors grappled with worries about possible reimposition of lockdown measures to slow coronavirus spread and fresh trade concerns.

Data continues to show an acceleration in new coronavirus cases in major economies around the world. According to the Johns Hopkins Center for Systems Science and Engineering, the total number of confirmed global cases of the COVID-19 rose to 9,453,673, with the U.S. recording 2,381,369 coronavirus cases, the most in the world. 

Yesterday's reports that the U.S. wants to impose new tariffs on $3.1 bln worth of imports from the EU and the UK also continued to weigh on market sentiment.

In addition, investors assessed the minutes from the ECB's latest meeting. The policymakers noted that the monetary policy measures and a fiscal response had reduced downside tail risks, and heightened its readiness to adjust the full range of its instruments, including TLTROs, policy interest rates and forward guidance.

Markets also continued to expect the European leaders to reach a compromise or agreement on the recovery fund. The EU heads are set to meet in Brussels on July 17-18 to discuss the EU recovery plan and long-term budget.