The shared currency benefitted from the Fed’s emergency decision to slash interest rates to zero but the USD found some support from the coronavirus-led selloff in equity markets and capped gains, Haresh Menghani from FXStreet reports. Key quotes “The US dollar was hit hard by the Fed’s aggressive moves and prompted some short-covering. The US central bank slashed interest rates to zero and announced a massive bond-buying program to offset any negative impact from the coronavirus pandemic.” “Another round of a selloff in the US equity markets extended some support to the greenback’s status as the global reserve currency and kept a lid on any runaway rally for the major.” “The two-way price swings seemed rather unaffected by the disappointing release of the NY Empire State Manufacturing Index, which dropped to -21.5 in March as compared to +4 expected and the previous month’s reading of 12.” “Market participants now look forward to the release of the German Zew Survey for March and the US monthly retail sales data for some impetus.” 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 AUD/USD slides further below 0.6100 mark, fresh multi-year lows FX Street 2 years The shared currency benefitted from the Fed’s emergency decision to slash interest rates to zero but the USD found some support from the coronavirus-led selloff in equity markets and capped gains, Haresh Menghani from FXStreet reports. Key quotes “The US dollar was hit hard by the Fed's aggressive moves and prompted some short-covering. The US central bank slashed interest rates to zero and announced a massive bond-buying program to offset any negative impact from the coronavirus pandemic.” “Another round of a selloff in the US equity markets extended some support to the greenback’s status as the global reserve currency and… 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.
