Archive for March 3rd, 2020

Foreign Exchange Insights and Next Week

FOMC Delivers an Unscheduled Rate Cut

March 3, 2020

The Federal Open Market Committee made an emergency 50-basis point cut of the federal funds target to 1.0-1.25%. The announcement was flashed at 15:00 GMT (10:00 local time) and was decided by a 10-0 vote. A rate reduction at the March 18th meeting had been priced into the market, and a further move then remains […] More


Reserve Bank of Australia Official Cash Rate Cut to Record Low of 0.50%

March 3, 2020

The Reserve Bank of Australia’s official cash rate was sliced 25 basis points to a new record low of 0.50%, and commercial banks have been quick to pass on the easing with prime rate reductions. There have been ten OCR cuts of 25 basis points since May 2013. Today’s move follows three cuts last year […] More

Central Bank Watch

Central Bank of Malaysia Cuts Interest Rate

March 3, 2020

Bank Negara Malaysia reduced its overnight policy rate (OPR) by 25 basis points to 2.5%, its lowest level since July 2010. This was the second cut of 2020 and brings the cumulative reduction since May 2019 to 75 basis points. Today’s move may not be the final gesture according to a released statement: “The reduction […] More

New Overnight Developments Abroad - Daily Update

Markets Looking for Action, Not Words, as Virus Spreads

March 3, 2020

Share prices had rallied sharply on Monday amid hopes for an appropriately forceful policy response to counteract the drag from the spreading covid-19 pandemic. The OCED is warning that global growth this year will slow to an 11-year low even if the virus impact is comparatively short-lived and that growth could be as low as […] More