Here is what you need to know for Tuesday 10th March: Following Monday’s market-open turmoil which followed the weekend news over Italy’s decision to quarantine many parts of Northern Italy and the oil price war between Saudi Arabia and Russia, marginal corrections ensued while markets tuned into widespread government responses to combat the spread the COVID-19. However, risk-off remains the theme due to the inevitably of the spread of the disease which will entail greater disruption to global supply chains. While there has been a focus on the Fed following the inter-meeting emergency rate cut of 50 basis points and expectations of more to come in both the 18h March and April meetings, potentially taking rates all the way to zero, markets have started to shift their attention to the European Central Bank and others with a global recession in mind. This is taking some pressure off the dollar which has plummeted to the weekly support line. More on that here: DXY: It may only be a matter of time when US dollars are back by popular demand With the focus on the coronavirus, in late New York, Italian Prime Minister Conte announced that there will no longer be a “red zone”, but stated that all of Italy will be under the same condition in a decision that was needed to defend most fragile members of the community. More on that here: Itlay PM Conte: Adopting even tougher measures to combat coronavirus – Reuters news Meanwhile, the S&P 500 was down 7% and in close proximity of official bear territory at 2708, the DAX lost 7.9% and the FTSE 100 was -7.7%. The US 10-year yield was sitting at 49bps, but it oscillated sharply during the day in a 40-60 bps range amid poor liquidity. Following yesterday’s mammoth fall in prices, oil ended the day off its intra-day lows with WTI -21.5% to US$31.8/bbl. Gold climbed 0.6% to $1672.47 oz. Oil, FX price action and commentary WTI consolidates mid range of supply shock prices, OPEC+ disarray USD/JPY Asia Price Forecast: Dollar plunges to three-year lows vs. yen amid market turmoil AUD/USD pressured below 0.66 handle and 2020’s VPOC EUR/USD Price Analysis: Euro pressuring 2020 highs and nearing 1.1500 figure DXY: It may only be a matter of time when US dollars are back by popular demand GBP/USD Price Analysis: Pound trading in five-week’s highs near 1.3140 level USD/CAD retreats further below 1.3600, still heads for highest close since 14 months Asia session events Feb Aussie Business Conditions and Confidence. Feb Chinese Consumer Price index. 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 NZD/USD: Consolidates recent gains to sub-0.6350 region with eyes on coronavirus, calendar FX Street 3 years Here is what you need to know for Tuesday 10th March: Following Monday's market-open turmoil which followed the weekend news over Italy’s decision to quarantine many parts of Northern Italy and the oil price war between Saudi Arabia and Russia, marginal corrections ensued while markets tuned into widespread government responses to combat the spread the COVID-19. However, risk-off remains the theme due to the inevitably of the spread of the disease which will entail greater disruption to global supply chains. While there has been a focus on the Fed following the inter-meeting emergency rate cut of 50 basis points and expectations of more… 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.