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FOREX
FOREX: Markets toy with policy expectations as central banks urged to act
- Policy response is the theme of the session so far, with markets watching
carefully for what measures central banks and governments can take to combat the
economic effects of Coronavirus. Statements from the likes of the Fed, BoJ and
BoE already have provided scant confidence to markets, but have helped the
modest bounce in core European equities so far today. Whether this is maintained
into the NY crossover, however, remains to be seen, with peripheral stocks
already turning lower once more.
- GBP is the poorest performer in G10 so far Monday, after the Bank of England
pledged to take whatever steps necessary to ensure market stability and is
working with the Treasury to monitor all market developments.
- Odds of rate cuts across the globe remain particularly high, and today's Swiss
sight deposits data is further evidence that they could take a more
interventionist stance, as they intervened to the tune of CHF3.5bln last week.
- ISM manufacturing data from the US takes focus here, which is expected to
moderate slightly from January's 50.9 reading. ECB's de Guindos speaks.
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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