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- European session review: USD mixed after U.S. president Trump declares Europe travel restrictions
European session review: USD mixed after U.S. president Trump declares Europe travel restrictions
| Time | Country | Event | Period | Previous value | Forecast | Actual |
|---|---|---|---|---|---|---|
| 10:00 | Eurozone | Industrial Production (YoY) | January | -3.6% | -3.1% | -1.9% |
| 10:00 | Eurozone | Industrial production, (MoM) | January | -1.8% | 1.4% | 2.3% |
USD traded mixed against its major rivals in the European session on Thursday (it fell against EUR and JPY, but rose against the rest of major rivals) after the U.S. president Donald Trump announced a 30-day ban on travelers to the United States from Europe as part of the government’s response to the coronavirus outbreak. This disappointed market participants, who counted for a coordinated global policy response to curb potentially slower economic growth stemming from the coronavirus, and fueled fears of a global recession caused by widespread economic disruptions.
Trump's Europe travel ban combined with the continued uncertainty surrounding the U.S. fiscal stimulus package to combat coronavirus impacts prompted money markets to bet on further aggressive easing by the U.S. Federal Reserve.
Traders are now expecting the Fed to cut its interest rates by another 100 basis points at next week's meeting after a 50-basis point reduction last week.
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