One historic day follows another - Some.......>

FOREX: One historic day follows another

- Some unquestionably remarkable moves across equity, currency, commodity and

bond markets as governments, central banks and regulators continue to wrestle

with the likely profound economic downturn that may follow the Coronavirus

outbreak. NOK was one currency that was hit particularly hard, falling against

all others in G10 as global growth prospects soured and the oil market tanked

further - Brent crude futures fell below $25/bbl for the first time since 2003,

sharply extending the year's selloff.

- The intraday GBP/USD chart was remarkable - just after the London close and as

liquidity dried up the pair hit considerable air pockets, accelerating losses

all the way down to 1.1453. The move coincided with further circuit breakers

hitting US equity indices, as the 7% loss on the day triggered another 15 pause

in trading. This was the perfect excuse for markets to drive the greenback

higher still, prompting a new cycle high in the ICE USD index.

- RBA are expected to cut rates again Thursday alongside speech from Gov. Lowe

and German IFO release flash March data. US weekly jobless claims are due.