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Here is what you need to know on Tuesday, March 17 th:
- It was another Black Monday for Wall Street, with the DJIA down roughly 13%. The Nasdaq shed 12.32%and the S&P 11.98%. The downturn came in spite of the United States Federal Reserve revealed late Sunday a 100 bps rate cut to 0.0%and huge stimulus of up to$700 B. Other reserve banks likewise announced monetary reducing however might not persuade financiers.
- US Treasury yields trimmed many of their Friday’s gains amid dominant risk-off. The yield on the standard 10- year note settled at 0.73%.
- The EUR/USD pair surrounded 1.1170, keeping part of its gains regardless of risk-aversion. The dollar struggled with a horrible NY Empire State Manufacturing Index.
- The GBP/USD pair flirted with 1.2200 and settled not far above it, as the UK is in no rush to combat coronavirus.
- Commodity-linked currencies plunged, as petroleum rates resumed their declines while area gold pierced momentary the 1,500 limit.
- The coronavirus outbreak remains out of control in Europe. Worldwide, nations revealed lockdown and quarantine steps to try slowing the spread and prevent health-care systems from collapsing. Economic decline already here.
- Cryptocurrencies edged lower.
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