Let’s check the market. The United States dollar index remains unchanged at 98.155, against the basket of major currencies. Later, the Commerce Department will issue a report. Thus, the traders are waiting for that.
On Tuesday, the yen fell.
According to what economists say, in February, retail sales are going to have risen 0,2%, down from a 0.3% rise in March.
Meanwhile, economists and traders are looking for February production of the industry to rise 0.4% and capacity utilization to have ticked up to 77.1%.
The duo of USD/CNY pair inched up 0.1% to 6.9947.
The RBA will announce further policies this week on Thursday. The forecast is that RBA will cut rates to 0.25%.
The central bank slashed the cash rate to 0.5%, to provide support to the economy, according to the minutes. It also showed that officials agreed in subsequent weeks on the importance of monitoring the quickly changing developments closely. For assessing the implications of the outbreak for the economy, they also agreed to maintain contact.
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Dollar and Others
The dollar is steady.
The duo of the AUD/USD pair gained 0.2% to 0.6127. The RBA at March 3 meeting said that the central bank cut its rate benchmark of interest. Moreover, it said that it is ready to do so again as it became clear that the coronavirus will most probably cause economic activities significant disruption worldwide.
Equity markets turned green after opening lower. Thus, the prices of the safe-haven yen fell on Tuesday. The duo of USD/JPY gained 0.5% to 106.40 by 12:30 AM ET (04:30) GMT.
Biologists and scientists from all over the world are working hard to stop the coronavirus outbreak. The COVID-19 is not as deadly as was SARS in 2003. Nevertheless, it can spread quicker than SARS. Thus, traders, economists, businesses, industries, countries, etc. are very concerned about it. Governments are doing everything to stop the outbreak. Many of them have closed their borders.
