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Dow Jones Soars, US Dollar Drops as Fed Announces Huge Loan Program

Dow Jones Soars, US Dollar Drops as Fed Announces Huge Loan Program

Justin McQueen, Strategist

US Dollar Analysis & News

  • Federal Reserve Steals the Show with Huge Loan Program
  • US Dollar Drops, While Dow Jones Soars

The Federal Reserve looks to have stolen the show once again, completely overshadowing the initial jobless claims data, after announcing further measures to provide up to $2.3 trillion in loans in order to support the economy ultimately providing a credit backstop.

Key Details

  • Main Street Lending Program: Enhancing support for small and mid-sized business with purchases of up to $600bln worth of loans.
  • Municipal Liquidity Facility: Helping local and state governments manage cash flow stresses through lending as much as $500bln to states and municipalities.
  • Expanding the size and scope of the Primary and Secondary Market Corporate Credit Facilities (PMCCF and SMCCF) as well as the Term Asset-Backed Securities Loan Facility (TALF), where these three programs will now support up to $850bln in credit.
  • Supplying liquidity to participating financial institutions through term financing backed by PPP loans to small businesses

Full Fed Announcement

Market reaction: In reaction to more unprecedented action by the Federal Reserve, the US Dollar dropped across the board with EUR/USD breaking above 1.0900, while US equity futures and gold pushed higher. (Gold trading like a risk asset)

Dow Jones Price Chart: 1-Minute Chart

Dow Jones Soars, US Dollar Drops as Fed Announces Huge Loan Program

Source: IG Charts

US Dollar Price Chart: 1-Minute Chart

Dow Jones Soars, US Dollar Drops as Fed Announces Huge Loan Program

--- Written by Justin McQueen, Market Analyst

Follow Justin on Twitter @JMcQueenFX

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