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Volatile Monday: Fed and RBNZ cut interest rates

Volatile Monday: Fed and RBNZ cut interest rates

Information is not investment advice

What happened?

As the situation with coronavirus got worse during the weekend, the Federal Reserve and the Reserve bank of New Zealand cut their interest rates in response to the treats to global economy.

The eventful Sunday began with the Reserve bank of New Zealand slashing its interest rate by 75 basis points to 0.25%. Against the USD, the New Zealand dollar has tested the 0.6 level on the announcement.

NZDUSD 1.png

Just two hours later, the Federal Reserve also cut the interest rate, moving it within the range of 0-0.25%. In addition, the regulator softened the loans conditions for the banks, i.e. increased the length of the discount window to 90 days and reduced reserve requirement ratios to 0%. To boost the economic conditions, the Fed launched a new round of quantitative easing program in $700 billion.  

The surprising news pulled EUR/USD lower at first to the 100-period SMA at 1.11 on H4, but then the pair inched up to 1.1212.

EURUSD 1.png

What does that mean?

Basically, the situation is not getting any better, and the central banks try to do their best to response the uncertainties surrounding the virus outbreak. Up next we will hear the breaking announcement of the Canadian government later today, the comments by the EU finance ministers, and the G7 video conference at 16:00 MT time. Follow the news with us to be updated on the events!



Is Inflation Defeated?

Now traders follow the economic events with new vision as inflation in the US seems like decreasing. Let’s see what releases will influence the market due to that factor.

Who Will Rule the US?

The week will have the biggest event in the US political process over the last two years. How will the elections affect the Forex market? We covered the most important news of this week in this report.


Market Crash Incoming?

This week may be the most important since the year started as the Fed assess the economic outlook and the US presents fresh NFP readings. 

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