Fed cuts policy rate by 50 basis points in response to coronavirus. US Dollar Index slumps to 97 area ahead of Chairman Powell’s presser. The USD/CHF pair fell sharply in the early trading hours of the American session and touched its lowest level since April of 2018 at 0.9519 after the Fed decided to cut its policy rate by 50 basis points. Following the initial reaction, the pair recovered modestly and was last seen trading at 0.9540, erasing 0.52% on the day. Eyes on FOMC Chairman Powell Earlier in the day, the G7 statement refrained from mentioning a coordinated monetary policy move to counter the negative impact of the coronavirus outbreak on the global economy. However, the FOMC, in a shocking move, voted unanimously to lower the policy rate to 1%-1.25% target range after an emergency meeting on Tuesday. “The fundamentals of the US economy remain strong. However, the coronavirus poses evolving risks to economic activity,” the Fed acknowledged in its statement. The US Dollar Index (DXY) fell sharply and tested the 97 handle to reflect a broad-based selling pressure surrounding the greenback. At the moment, the index is down 0.45% on the day at 97.07. Focus now shifts to FOMC Chairman Jerome Powell’s press conference at 1600 GMT. Fed Press Conference: Chairman Jerome Powell speech live stream – March 3 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 Powell speech: FOMC judged the risk to the outlook has changed materially FX Street 3 years Fed cuts policy rate by 50 basis points in response to coronavirus. US Dollar Index slumps to 97 area ahead of Chairman Powell's presser. The USD/CHF pair fell sharply in the early trading hours of the American session and touched its lowest level since April of 2018 at 0.9519 after the Fed decided to cut its policy rate by 50 basis points. Following the initial reaction, the pair recovered modestly and was last seen trading at 0.9540, erasing 0.52% on the day. Eyes on FOMC Chairman Powell Earlier in the day, the G7 statement refrained from mentioning a coordinated monetary… 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.
