Covid-19

ECB keeps its finger on the pulse in the situation with the coronavirus

Summary

FX Market Insight for the 12th March 2020 Description video: Our FX Market Insight will help you learn to trade forex by explaining how and why the currencies are moving and where the next best trading opportunity will come from. […]

FX Market Insight for the 12th March 2020

Description video:
Our FX Market Insight will help you learn to trade forex by explaining how and why the currencies are moving and where the next best trading opportunity will come from.

ECB keeps its finger on the pulse in the situation with the coronavirus

ECB says it remains vigilant and ready to ease monetary policy in an attempt to balance the potential economic impact of the coronavirus outbreak.

«We keep our finger on the pulse and closely monitor all incoming data. Our experts develop scenarios for changing monetary policy», – said ECB Vice President Luis de Guindos Jurado at a speech in London.

«The Governing Council stands ready to adjust all its instruments accordingly to achieve the inflation target».

The announcement comes after a series of comments from central bankers around the world indicating that a coordinated global economic response to the epidemic is possible..

Leading stock markets have their worst week since the financial crisis as fears of a global recession intensified by the rapid spread of the virus outside of China.

ECB keeps its finger on the pulse in the situation with the coronavirus

Beijing has already lowered its base lending rates in an attempt to level things off.

Fed Chairman Jerome Hayden Powell issued a statement on Friday in which he confirmed that while the fundamentals of the US economy remain strong, the coronavirus poses risks to economic activity..

«We will use our tools and act accordingly to support the economy», – added Powell.

Experts believe that the Fed will cut interest rates at the next meeting in March.

Bank of Japan Governor Haruhiko Kuroda said on Monday that the regulator will seek to stabilize markets and offer sufficient liquidity through a series of transactions and asset purchases..

French Finance Minister Bruno Le Maire Maire) also pledged that the G7 will take concerted action to limit the economic impact of the COVID-19 outbreak.