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| Commodity News |
| HeadLine : |
Dollar down after another surprise Fed rate cut |
| Date : |
Mar 16 2020 |
The U.S. Federal Reserve cut rates to a target range of 0% to 0.25% and said it would expand its balance sheet by at least $700 billion in coming weeks. Five other central banks also cut pricing on their swap lines to make it easier to provide dollars to their financial institutions facing stress in credit markets. The dollar fell 1% to 107.00 yen early on Monday in Asia in reaction to the Fed’s move which was announced on Sunday evening U.S. time. The greenback also fell 1% to $1.2418 per British pound . The Fed, the Bank of Canada, European Central Bank, Bank of England, Bank of Japan and Swiss National Bank also agreed to offer three-month credit in U.S. dollars on a regular basis and at a rate cheaper than usual. The Fed already cut interest rates by half a percentage point on March 3 at an emergency meeting, the first emergency cut since the financial crisis in 2008, but that move failed to stem market volatility.
Source : Reuters
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