Fed cuts policy rate by 50 basis points in an emergency move. Fed says coronavirus poses evolving risks to economic activity. US Dollar Index slumps toward the 97 handle. The GBP/USD pair shot higher in the last minutes and gained more than 50 pips after the US Federal Reserve announced a 50 basis points cut to its policy rate in a surprise move. As of writing, the pair was trading at 1.2825, adding 0.6% on a daily basis. Fed rate cut weighs on USD Citing risks posed by the coronavirus outbreak on the economic activity, the Fed said it lowered the federal fund rates to 1%-1.25% range. “The FOMC is closely monitoring developments and will use its tools and act as appropriate to support the economy,” the Fed said and noted that the vote was unanimous in favour of the cut. FOMC Chairman Jerome Powell will be delivering a statement at 1600 GMT. The US Dollar Index, which tracks the USD’ performance against a basket of six major currencies, fell sharply on this announcement and was last down 0.5% on the day at 97.03. Technical levels to watch for 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 Fed Press Conference: Chairman Jerome Powell speech live stream – March 3 FX Street 2 years Fed cuts policy rate by 50 basis points in an emergency move. Fed says coronavirus poses evolving risks to economic activity. US Dollar Index slumps toward the 97 handle. The GBP/USD pair shot higher in the last minutes and gained more than 50 pips after the US Federal Reserve announced a 50 basis points cut to its policy rate in a surprise move. As of writing, the pair was trading at 1.2825, adding 0.6% on a daily basis. Fed rate cut weighs on USD Citing risks posed by the coronavirus outbreak on the economic activity, the Fed said it lowered the… 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.
