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Australian Dollar rises after reserve bank cuts official cash rate, major central banks pledge to support economy

03.03.2020 09:01:23
131835

Australian Dollar rises after reserve bank cuts official cash rate, major central banks pledge to support economy

The Australian Dollar rose on Tuesday after the Reserve Bank of Australia (RBA) slashed its official cash rate (OCR) by 0.50% to 25 basis points.

The Australian Dollar rose by 0.2% to 0.6553 by 11:35 PM ET (03:35 GMT). Meanwhile, the New Zealand Dollar traded 0.1% higher to 0.6266, keeping the U.S. dollar index steady at around 97.328.

With the piling risks of the global economy being hit by the coronavirus outbreak, the U.S Federal Reserve issued a statement, pledging to act “as appropriate to support the economy”. The Bank of Japan and the Bank of England also issued the similar statement shortly following the Fed.

G7 finance ministers and central bank governors around the world are due to hold a conference call soon in order to discuss measures in stabilizing global markets largely hindered by the virus outbreak.

Latest News

31.07.2020 14:00:27

Dollar sees record slump as U.S. recovery hopes lose steam

The Dollar fell to two-year lows on Friday, heading to its lowest decline in 10 years as concerns mounted over the economic recovery of the U.S. amid a second resurgence of the COVID-19 pandemic. The Dollar index plunged to 92.777, on course ...

31.07.2020 12:00:51

Bank of England to keep policy on hold due to gloomy economic forecast

The Bank of England will announce next week how quickly it expects the economy to recover from the coronavirus pandemic, but it is unlikely to add to the 100 billion pounds of the fiscal package it released in June. Britain’s economy ...

31.07.2020 11:00:29

Japan’s factory output recovers, unemployment rate drops on lockdown easing

June had seen Japan’s industrial output breaking its four-month slump. The recuperation could be attributed to a modest recovery seen in broader business and consumer activity after the world’s third-biggest economy suffered from ...

30.07.2020 13:00:25

European shares trade lower after weak earnings reports

European shares traded lower earlier on Thursday after underwhelming earnings reports dampened a U.S. Fed vow to continue rolling out stimulus plans in a bid to soften the economic blow of the COVID-19 pandemic. The pan-European STOXX lost ...

30.07.2020 11:00:25

Dollar briefly up as investors focus on Fed, coronavirus stimulus

The dollar was briefly lifted on Thursday after the U.S. Federal Reserve offered no concrete clues about its next course of action, while investors hoped for an easy policy as the coronavirus resurgence stalled economic recovery. The dollar ...

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