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- European session review: USD under pressure amid expectations of further cuts by Fed
European session review: USD under pressure amid expectations of further cuts by Fed
| Time | Country | Event | Period | Previous value | Forecast | Actual |
|---|---|---|---|---|---|---|
| 00:00 | OPEC | OPEC Meetings | ||||
| 00:30 | Australia | Trade Balance | January | 5.38 | 4.8 | 5.21 |
USD depreciated against most other major currencies in the European session on Thursday amid expectations of the U.S. Federal Reserve might lower interest rates again this month, after cutting them by half-point in urgent move on Tuesday to limit the economic and financial fallout from the coronavirus. The Fed's Chair Jerome Powell said the U.S. economy remained strong but noted it was difficult to predict the "magnitude and persistence" of the effects of the fast-spreading virus.
Analysts counted the Fed policymakers had mentioned the coronavirus 48 times in its latest Beige Book report, released on Wednesday, compared with no mentions before. This suggests the policymakers were highly concerned about the economic hit of a coronavirus outbreak.
According to the CME FedWatch Tool, money markets are pricing in another 25 bps cut from the current 1-1.25% range at the Fed meeting on March 18-19 and a 50 bps cut by April.
The U.S. dollar index (DXY) dropped by 0.4% to 96.97.
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