Here is what you need to know today: Dead cat bounce? S&P futures are, and Asian stocks have been attempting a recovery after a massive liquidation panic sell-off on Thursday – with indexes down near 10% – the worst since 1987. The US dollar is also edging lower after dominating beforehand, gaining against all assets ranging from commodity currencies, majors, and also safe-haven yen, gold, and even Bitcoin. The hysteric moves came after policymakers failed to convince. US President Donald Trump triggered the sell-off by slapping a travel ban on flights to Europe but lacking with steps to support struggling businesses. Democrats and Republicans are working on a bill in Congress, but at the time of writing, difference prevents its advance. The Federal Reserve intervened in trading, injecting liquidity worth $500 billion on Thursday, and will keep doing so. The emergency move indicates systemic issues. After an initial recovery, equities resumed their falls. The Bank of Japan also intervened in markets and said it is due to a lack of liquidity, another worrying sign. Italy has banned short-selling after stocks in Milan plunged by 17%. In the US, several sports leagues have been called off, including basketball, baseball, and also golf. New York City declared an emergency, limiting gatherings. Disney closed its parks. The European Central Bank expanded its bond-buying scheme and introduced a new lending one, but refrained from cutting interest rates. Moreover, ECB President Christine Lagarde dismissed the need to need to maintain low spreads between German and other bonds – triggering a run on Italian debt and weighing on the euro. Elsewhere in Europe, leaders seem to be beginning to getting their act together. French President Emmanuel Macron addressed the nation, calling Covid-19 “the epidemic of the century” and explained the move to shut down schools in Europe’s second-largest economy. German Chancellor Angela Merkel said these are extraordinary times that may require abnormal steps, such as finally accepting suspending the debt brake. She added that up to 70% would be infected. EUR/USD is trading around 1.12 after falling below 1.11 on Thursday. While the British government has refrained from severe restrictions, Prime Minister Boris Johnson told the nation that “many will lose their loved ones” in a somber address. GBP/USD has succumbed to the dollar’s strength and trades below 1.26. Brexit talks have been suspended due to the virus. More: Market crash, dollar surge, are only the beginning If leaders fail to act Oil prices remain under pressure as Russia is also ramping up output, responding to Saudi Arabia’s price war. WTI is around $32 after a modest recovery. USD/CAD hit 1.39 at one point due to ongoing pressure on oil prices and the report that Prime Minister Justin Trudeau is in self-isolation after his wife tested positive for coronavirus. Covid-19 latest: The number of infections near 130,000 and the number of cases is close to 5,000. Cases in Italy, the epicenter of the disease in Europe, top 15,000, over 1,000 fatalities. China, where the virus originated, is reporting fewer cases and deaths. The world’s second-largest economy states retail sales and industrial output figures for February on Monday. After several economic figures that seemed stale amid the rapid development of events, the University of Michigan’s preliminary Consumer Sentiment gauge for March may provide insights on how Americans feel as the disease spreads. See Consumer Sentiment Preview: Where will consumers lead? Gold is trading below $1,600, as the yellow metal moves in tandem with markets rather than serving as a safe-haven asset. See Gold Price Analysis: Prints 5-week low, a bearish engulfing candle on weekly Cryptocurrencies have also crumbled amid the massive sell-off, with Bitcoin tumbling below $4,000 at one point, down from around $8,000 early on Thursday. Ethereum, Ripple, and others are struggling. 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 Expert score 5 Etoro - Best For Beginner & Experts0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 5 Read Review Open My Free Account Your capital is at risk. FXStreet News share Read Next USD/JPY clings to gains, struggles to find acceptance above 106.00 mark FX Street 2 years Here is what you need to know today: Dead cat bounce? S&P futures are, and Asian stocks have been attempting a recovery after a massive liquidation panic sell-off on Thursday – with indexes down near 10% – the worst since 1987. The US dollar is also edging lower after dominating beforehand, gaining against all assets ranging from commodity currencies, majors, and also safe-haven yen, gold, and even Bitcoin. The hysteric moves came after policymakers failed to convince. 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