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All the talk of negative rate policy that had been hurting the Pound and New Zealand Dollar, has now faded away, with the two currencies recovering in recent sessions as a result. Earlier, RBNZ Orr dismissed expectations that negative rate policy would be any time in the near future, which resulted in a resurgence in demand for Kiwi. read report
Overall, the market has been rather upbeat about plans to get the global economy back up and running as many countries look to ease movement restrictions. Still, there is plenty of uncertainty that remains around the coronavirus and investors are cautiously optimistic to start the week. read report
We warned of the potential for a massive reversal in a wildly extended Buck. And into Friday, we’re seeing this play out. The Dollar has been on fire on account of a funding squeeze in response to fear associated with coronavirus. The panic associated with the flight to USDs has triggered a coordinated response in an effort to alleviate this strain. read report
There weren’t any major surprises from the Fed Minutes as we had expected and the market didn’t spend much time dwelling on the central bank event risk. Instead, most of the attention in markets was on the ongoing commitment from China to provide stimulus to offset fallout from the coronavirus. read report
Monday will be a thinner day of trade on account of the MLK Day market closure in the US. US stocks come into the new week having extended the run of record gains, though the technical extension is warning of some form of a correction in the near future. read report
