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17 Mar 2020

Breaking: USD surges on funding stress, AUD/USD breaks 0.60, EUR/USD nears 1.10, GBP/USD 1.21

The demand for dollar is surging amid a global sell-off of stocks related to the coronavirus crisis.

EUR/USD is trading near 1.10, close to the monthly lows. GBP/USD has extended its slump, flirting with 1.21, the lowest since September. AUD/USD is around 0.60, a level that was last seen in 2003

Reuters reports that excessive US swap prices show the US dollar funding situation worsening. Dealers say overnight (T/N) EUR/USD swap 10% vs 0.15% on a regular day. The Benchmark 3-month EUR basis swap is -124 basis points - new high since 2012, and that was -154 in 2012 and -305 basis points during 2008 financial crisis. Large corporations said to be drawing down on available credit lines. Amid fears of further USD shortages, exacerbating the issue.

-- more to come

Mar 17, 2020

BoK joins the “easing wave” on COVID-19 panic – UOB

Economist Ho Woei Chen, CFA, at UOB Group, reviewed the recent decision by the Bank of Korea (BoK) to reduce the policy rate further. Key Quotes “Bank

Turkey: CBRT lowers policy rate by 100 basis points to 9.75%

Following an emergency meeting on Tuesday, the Central Bank of the Republic of Turkey (CBRT) announced that it lowered the policy rate (one-week repo