News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
More View more
Real Time News
  • #Nasdaq Tanks on Rising U.S. Yields, ARKK Appears to Confirm a Double Top Pattern #trading $ARKK $NDX https://t.co/lNlEsJnEyk
  • #Nasdaq Tanks on Rising U.S. Yields, ARKK Appears to Confirm Double Top Patter #trading $ARKK $NDX https://t.co/lNlEsJnEyk
  • I'm all for the diversify, but we are missing some steps between A and Z here...
  • Seeing articles show up in my search results that are obvious plants from traditional investment firms trying to get the new generation to open the traditional and passive account types they operate https://t.co/xGoaGqHpyg
  • The options market can be an excellent place to express trading ideas, as it presents numerous ways to structure trades with various risk profiles. Learn to trade the Options market with DailyFX. Download your free guide here! https://t.co/B78Mn99fU0 https://t.co/EpUMWMSGWO
  • On this week's Macro Setup @HathornSabin discusses with @GuyAdami & @RiskReversal the September stock swoon, rate rampage, and dollar dominance. Check it out! https://t.co/k68k2UP7rr https://t.co/0kGvdXWrDK
  • Fed's Bostic: - Any decision on a central bank digital currency is a long way off - Taper is warranted if current trends continue
  • Heads Up:🇺🇸 Fed Bostic Speech due at 19:00 GMT (15min) https://www.dailyfx.com/economic-calendar#2021-09-28
  • Canadian #Dollar Outlook: $USDCAD Snaps Five-Days Down- Reversal Risk - https://t.co/O2MYTxe7bE https://t.co/tqIZUjE7pZ
  • AUD/USD lower on the day, but appears to be finding support around 0.7231 $AUDUSD https://t.co/XNnQWvJP4A
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.

DISCLOSURES