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FOREX
FOREX: Markets still anticipate CB support despite dose of cold water
- Rates and FX markets continue to anticipate and price in aggressive action
from global central banks to ward off the worst economic impacts of the
Coronavirus outbreak. This is despite numerous reports talking down the odds of
co-ordinated action from the G7 today, most recently MNI reporting that the G7
are set to move independently on policy, and the G7 will instead likely vow to
take appropriate action if needed.
- The RBA were one of the first banks to move this morning, trimming the policy
rate by 25bps after the bank cited the virus itself as a downside risk to their
outlook. The RBA added that they are prepared to ease further to support the
economy if required. Nonetheless, AUD trades well as the moves were widely
expected. CAD is the poorest performer ahead  of tomorrow's decision, with
expectations building for more liquidity and lower rates to be provided.
- The G7 call takes focus at 1200GMT/0700ET but markets also keep an eye on BoE
members speaking in the Treasury Select Committee and speeches from Fed's
Mester, Logan and Evans.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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