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G7 Meeting Update - Continued Vigilance, No Rate Cuts Yet

G7 Meeting Update - Continued Vigilance, No Rate Cuts Yet

Nick Cawley, Strategist

*** UPDATE***

The G7 finance ministers ‘stand ready to cooperate further on timely and effective measures’ to address coronavirus but have not announced any rate cuts at today’s meeting. The G7 release added that finance ministers are ‘ready to take actions, including fiscal measures where appropriate, to aid in the response to the virus and support the economy during this phase’.

Financial markets are little changed post release.

G7 Release and US Dollar Price, Analysis and Charts

  • Global interest rate cuts may be needed.
  • Over 92,000 cases of coronavirus confirmed globally.

Finance ministers from the Group of Seven IMF- advanced world economies are meeting today to decide the impact of coronavirus on global economies and what steps they need to take to support economic growth. Under-fire equity markets jumped Monday on reports that the G7 may announce a round of coordinated rate cuts to prop up ailing economies.

The Reserve Bank of Australia cut interest rates to a record low of 0.50% from 0.75% earlier today, to provide additional support to employment and economic activity from the serious effect of the coronavirus outbreak on the Australian economy.

Australian Dollar Cheers RBA Rate Cut Amid Coronavirus Fears

At a meeting earlier today in front of the Treasury Select Committee, outgoing Bank of England governor Mark Carney said that the central bank would take all steps needed to protect the UK economy from coronavirus. Governor Carney said that the UK economy may have a large but temporary shock from the virus, adding ‘we will have disruption not destruction’.

The US dollar steadied ahead of the meeting after recent sharp falls aided by an extreme oversold market reading.

USDollar Daily Price Chart (July 2019March 3, 2020)

G7 Meeting Update - Continued Vigilance, No Rate Cuts Yet

What is your view on the US Dollar – bullish or bearish?? You can let us know via the form at the end of this piece or you can contact the author via Twitter @nickcawley1.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.