Investors once again were battered by the rise in the number of new coronavirus cases across the globe, especially in the US, Italy, and Japan. The US dollar was on a sell-off with the Treasury yields even after news that US President Trump won the Michigan Republican primary. Also weighing on the market’s trade sentiment were calls of the resource shortage in the US labs. Asian equities flashed red while gold prices recovered.

The Bank of England (BOE) unexpectedly cuts its bank rate by 50bps from 0.75% to 0.25%, in a surprise move to cushion the blow of the coronavirus on the economy. This resulted in fresh selling pressure and a sharp drop in Pound. The rate cut will help keep firms in business and jobs. BOE will publish policy minutes on March 13 at 1200 GMT.

The sentiment across the financial markets will remain driven by the risk trends and coronavirus updates.

NOTE: Traders are advised to be cautious and be updated on the major economic news causing high volatility to achieve better trading results.


Disclaimer: The content in this article comprises personal opinions and should not be construed as containing personal and/or other investment advice and/or an offer of and/or solicitation for any transactions in financial instruments and/or a guarantee and/or prediction of future performance. The Bullfx (thebullfx), its affiliates, agents, directors, officers or employees do not guarantee the accuracy, validity, timeliness or completeness, of any information or data made available and assume no liability as to any loss arising from any investment based on the same.

Post categories

 

Symbol Bid Ask Spread
EURUSD 1.13294 1.13311 1.7
GBPUSD 1.26091 1.26112 2.1
USDCAD 1.35103 1.35124 2.1
USDJPY 108.874 108.894 2
USDCHF 0.95580 0.95601 2.1
AUDUSD 0.69461 0.69482 2.1
NZDUSD 0.64512 0.64535 2.3
EURGBP 0.89840 0.89862 2.2
EURCHF 1.08296 1.08318 2.2
EURJPY 123.359 123.379 2
AUDJPY 75.632 75.655 2.3
GBPJPY 137.296 137.318 2.2
USDSGD 1.39713 1.39744 3.1
XAUUSD 1715.59 1715.96 37
XAGUSD 17.737 17.771 3.4

The above live prices are provided solely for informational purposes, not for trading purposes, and may be delayed.

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