The FX space is yet again caught up in a......>

FOREX: The FX space is yet again caught up in a series of wild moves, as

policymakers have rushed to support the economy, rattled by the coronavirus

crisis. The kiwi took an early hit as the RBNZ brought forward its monetary

policy meeting and delivered a 75bp cut to the OCR, adding that it will stay at

this lvl for at lease 12 months & that QE might follow if further monetary

stimulus is needed. The RBA later said that it will announce its policy measures

Thursday. The Antipodeans remain fragile, alongside the broader commodity-tied

FX. The Fed soon stole the spotlight, however. Fed Chair Powell et al slashed

their policy rate by 100bp, bringing it close to zero, and pledged to boost the

Fed's asset holdings. USD was offered upon the announcement, but has pared

losses since. Safe haven FX continue to outperform, with the focus still on the

coronavirus crisis. USD/JPY weakened past Y106.00 before recovering as the BoJ

said that they have postponed their MonPol meeting from Thurs to today. The yen

outperforms its G10 peers nonetheless. GBP also fares pretty well.

- China's activity indicators are due at the top of the hour. Later in the day,

U.S. Empire M'fing Survey and an emergency BoJ meeting.