US dollar drops sharply across the board after Fed cut rates. AUD/USD extends gains, having best performance in months. The AUD/USD pair jumped from 0.6580 to 0.6636, reaching the highest level since February 21 after an emergency rate cut from the Federal Reserve. The US central bank announced a 50 basis rate cut in an unscheduled meeting. The decision was unanimous. According to the Fed, the coronavirus exposes evolving risks to economic activity. The DXY tumbled after the announcement and dropped to test the 97.00 area. It trades at 97.04, the lowest in almost two months and it heads to the fourth decline in a row. The decision boosted equity markets. Wall Street indexes reached new highs but then lost strength trimming gains. The improvement in risk appetite and the decline of the greenback sent AUD/USD sharply higher. Now the pair is extending the recovery from the decade low hit last week at 0.6432. Since then it has risen almost two hundred pips. As of writing, AUD/USD trades at 0.6630, near the 20-day moving average that stands at 0.6640. At 16:00 GMT Chairman Powell will offer a press conference, so volatility is likely to remain high. Analysts will look for hints about what the Fed will do at the next FOMC meeting. Technical levels FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next Ethereum Price Analysis: ETH/USD another drop lower is still possible FX Street 3 years US dollar drops sharply across the board after Fed cut rates. AUD/USD extends gains, having best performance in months. The AUD/USD pair jumped from 0.6580 to 0.6636, reaching the highest level since February 21 after an emergency rate cut from the Federal Reserve. The US central bank announced a 50 basis rate cut in an unscheduled meeting. The decision was unanimous. According to the Fed, the coronavirus exposes evolving risks to economic activity. The DXY tumbled after the announcement and dropped to test the 97.00 area. It trades at 97.04, the lowest in almost two months and it heads to… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.