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Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

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Michael Probst/AP

European Central Bank President Mario Draghi took exception Monday with Trump Administration accusations that the Euro is undervalued and that this has propped up Germany's export sector to the detriment of the U.S.

Draghi's view: because Germany doesn't have the authority to manipulate the value of the Euro, the accusations of the Trump Administration are baseless. The real reason for Germany's trade surplus is that it is more "competitive" than other economies.

Trump's view: If Germany had its own currency, the value of that currency would be much higher than the Euro to reflect its higher productivity. Germany is the beneficiary of the lack of competitiveness in places like Italy and Spain, and just because the German government isn't directly responsible for the Euro being too cheap, that doesn't mean that the U.S. worker isn't being harmed by its low value.

Our thought bubble: Germany benefitting from a cheap Euro is just another reason for the Trump Administration to dislike the European Union, and to support events that might help end the currency union.

Go deeper

Erica Pandey, author of @Work
11 mins ago - Economy & Business

What's really going on with the labor market

Source: YCharts

The labor market is showing some signs of improvement: Jobless claims fell to 730,000 — a dramatic drop from 841,000 the previous week. And the latest jobs report showed a pandemic-era low unemployment rate of 6.3%

But, but, but: That's not the full story, experts say.

Felix Salmon, author of Capital
20 mins ago - Economy & Business

Markets see rare convergence milestone

Expand chart
Data: YCharts; Chart: Axios Visuals

A milestone was reached in the markets Thursday: The yield on the 10-year Treasury note rose to match the dividend yield on the S&P 500

Why it matters: The two yields have been inverted since the beginning of last year, which is historically unusual.

Mike Allen, author of AM
1 hour ago - Economy & Business

First look: Business puts muscle behind Biden

Business Roundtable, the voice of America's top CEOs, today launched "Move the Needle," a campaign to support President Biden in rolling out COVID vaccines, increasing vaccine uptake and encouraging masks.

What they're saying: "Masks and vaccines are working. Now is the time to keep at it, overcome pandemic fatigue, and double down on the measures that will end this public health and economic crisis, said Business Roundtable president and CEO Josh Bolten.

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