last week’s ‘second wave’ risks, central banks have been quick to step in to
shore up possible economic ramifications. Banks around the world used either
strong policy action, language, or a combination of both.
National Bank left rates in check with a negative interest rate of -0.75%, its
reasonings were inflation remained depressed and growth prospects are declining
over their forecasted period. It also mentioned that it would intervene if the
strength in the CHF continued. That ‘true’ safe-haven characteristic of the CHF
is hurting the Swiss economy.
Federal Reserve also acted on the sign of fragility stating it was going to
step in and buy individual corporate bonds. It must be nice having the State’s
bank there to bank role your liabilities. US risk assets (equities) took this
as a big positive, but in FX land is was met with a little more caution. USD
was flat against the JPY but rose against all other G10 currencies, would have
expected EUR/USD and AUD/USD to back this but they didn’t.
continues the trend in DXY, since it technically rejected 100 then became
double blessed with fundamentals – a scenario that’s still intact. Traders
remain long USD due to the overbought nature of EUR/USD and AUD/USD and no real
fundamental reasoning in other pairs to put pressure on traders to exit newly
entered long positions in the USD.
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