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BOE unexpectedly cuts key rate by 50bps to 0.25% to tackle coronavirus, GBP/USD falls below 1.2900

The Bank of England (BOE) unexpectedly cuts its bank rate by 50bps from 0.75% to 0.25%, in a surprise move to cushion the blow of the coronavirus on the economy.

https://www.fxstreet.com/news/boe-cuts-key-rate-by-50bps-to-025-to-tackle-coronavirus-gbp-usd-falls-below-12900-202003110706

GBP/USD stumbles below 1.29 after a surprise BOE rate cut, ahead of the budget

GBP/USD has fallen below 1.29 after the BOE surprised with a double-dose rate cut of 50bp to 0.25% in an unscheduled more to counter the coronavirus crisis. It comes ahead of the UK Budget coming later in the day.

https://www.fxstreet.com/currencies/gbpusd

GBP/USD drops to 1-week lows and rebounds after BoE’s emergency rate cut

Ahead of the scheduled policy meeting on March 26, the Bank of England surprised the market on Wednesday and slashed its benchmark interest rates by 50 bps to 0.25%.

https://www.fxstreet.com/news/gbp-usd-drops-to-1-week-lows-and-rebounds-after-boes-emergency-rate-cut-202003110721

According to Trading Central (3rd party RIA) the GBPJPY could be heading DOWN to 128.40 if it does not go ABOVE 141.21

* Past performance is not a guarantee of future performance

https://europefx.tradingcentral.com/Product?PK_ANALYSE=10652282

Number of Lots:Required Margin:Risk Management (50%):Potential Profit/Loss 128.40
1€ 3,796.07€ 1,898.04€ 5,964.00
5€ 18,980.37€ 37,960.75€ 29,820.00
10€ 37,960.75€ 75,921.50€ 59,640.00
25€ 94,901.87€ 189,803.74€ 149,100.00
50€ 189,803.74€ 379,607.49€ 298,200.00

Dollar resumes descent against safe-haven currencies in volatile trade

The dollar resumed its descent against the safe-haven Japanese yen and Swiss franc on Wednesday after a rebound the previous day as nervous sentiment over the coronavirus epidemic persisted.

“Liquidity is so thin at the moment. There are very few orders in the market, most of which appear to come from algorithm players,” said Yukio Ishizuki, senior strategist at Daiwa Securities.

“All we can say is trade will remain volatile for the time being.”

“It is too early to say the market sentiment has turned positive. Yesterday’s rebound in the dollar and in risk assets is a type of a rebound you often see in a downtrend,” said Shinji Ishimaru, senior currency analyst at MUFG Bank.

https://www.cnbc.com/2020/03/11/forex-markets-dollar-japanese-yen-swiss-franc-in-focus.html

According to Trading Central (3rd party RIA) the USDJPY could be heading DOWN to 102.30 if it does not go ABOVE 106.50

* Past performance is not a guarantee of future performance

https://europefx.tradingcentral.com/Product?PK_ANALYSE=10649815

Number of Lots:Required Margin:Risk Management (50%):Potential Profit/Loss 102.30
1€ 2,944.64€ 1,472.32€ 2,268.00
5€ 14,723.20€ 29,446.41€ 11,340.00
10€ 29,446.41€ 58,892.82€ 22,680.00
25€ 73,616.02€ 147,232.04€ 56,700.00
50€ 147,232.04€ 294,464.08€ 113,400.00

Gold rises as concerns over US stimulus dent risk appetite

Gold prices rose on Wednesday after a steep fall in the previous session, as doubts about a stimulus package proposed by U.S. President Donald Trump to soften the economic impact of the coronavirus epidemic weighed on risk sentiment.

https://www.cnbc.com/2020/03/11/gold-markets-dollar-us-stimulus-in-focus.html

Gold sticks to gains near session tops, above $1660 level

  • Gold regains some positive traction on Wednesday and recovers a part of the overnight slide.
  • A fresh leg down in the equity markets/US bond yields revived demand for safe-haven assets.
  • Renewed USD weakness provided an additional boost to the metal and remained supportive.

https://www.fxstreet.com/news/gold-sticks-to-gains-near-session-tops-above-1660-level-202003110757

According to Trading Central (3rd party RIA) the GOLD could be heading UP to 1765 if it does not go BELOW 1610

* Past performance is not a guarantee of future performance

https://europefx.tradingcentral.com/Product?PK_ANALYSE=10652722

Number of Lots:Required Margin:Risk Management (50%):Potential Profit/Loss 1765
0.5 € 3,666.08 € 1,833.04 € 4,637.81
1 € 7,332.16 € 3,666.08 € 9,275.62
5 € 36,660.78 € 18,330.39 € 46,378.09
10 € 73,321.55 € 36,660.78 € 92,756.18
20 € 146,643.11 € 73,321.55 € 185,512.37