The U.S. dollar fell on Monday in Asia after the U.S. Federal Reserve slashed its benchmark interest rate to zero and launched a massive quantitative easing (QE) program in an emergency move over the weekend. <\/p>\n\n\n\n
On Sunday, the Fed shocked investors by announcing a 50 basis point rate cut. It was the second rate slash by the central bank in less than two weeks as it delivered a rare emergency rate cut at the start of the month. <\/p>\n\n\n\n
The Fed also announced a QE program that entails $700 billion worth of asset purchases.<\/p>\n\n\n\n
Following the news, the U.S. dollar index<\/a> fell 0.4% to 98.482.<\/p>\n\n\n\n In other news, U.S. President Donald Trump declared a national emergency on Friday as the state recorded more than 2,000 cases and 50 deaths. <\/p>\n\n\n\n The USD\/JPY<\/a> pair lost 1.0% to 106.79 as Asian markets traded in the red again. <\/p>\n\n\n\n The Bank of Japan is expected to ease policy on Thursday to cushion the economic fallout from the coronavirus and shore up business confidence in the country. <\/p>\n\n\n\n Meanwhile, the Japanese government is reportedly preparing a new spending package of up to 20 trillion yen ($190 billion), as it tries to fend off a recession.<\/p>\n\n\n\n The AUD\/USD<\/a> pair and the NZD\/USD<\/a> pair both fell 0.2%. <\/p>\n\n\n\n The EUR\/USD<\/a> pair rose 0.2% to 1.1128 as traders await a meeting between European Union finance ministers later in the day. Reuters reported today that the ministers might agree on a coordinated economic response to the coronavirus pandemic, with the European Commission forecasting the effects of the virus could push the EU into a recession.<\/p>\n\n\n\n The USD\/CNY<\/a> pair slipped 0.1% to 6.9993. While not a directional driver for the yuan today, data showed China\u2019s latest industrial production, employment and retail sales figure all came in a lot worse than expected. <\/p>\n","protected":false},"excerpt":{"rendered":" The U.S. dollar fell on Monday in Asia after the U.S. Federal Reserve slashed its benchmark interest rate to zero and launched a massive quantitative easing (QE) program in an emergency move over the weekend. On Sunday, the Fed shocked investors by announcing a 50 basis point rate cut. It was Read more<\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"rop_custom_images_group":[],"rop_custom_messages_group":[],"rop_publish_now":"initial","rop_publish_now_accounts":[],"rop_publish_now_history":[],"rop_publish_now_status":"pending","_themeisle_gutenberg_block_has_review":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-1987","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"_links":{"self":[{"href":"https:\/\/forexvarsity.com\/welcome\/wp-json\/wp\/v2\/posts\/1987","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forexvarsity.com\/welcome\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forexvarsity.com\/welcome\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forexvarsity.com\/welcome\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/forexvarsity.com\/welcome\/wp-json\/wp\/v2\/comments?post=1987"}],"version-history":[{"count":1,"href":"https:\/\/forexvarsity.com\/welcome\/wp-json\/wp\/v2\/posts\/1987\/revisions"}],"predecessor-version":[{"id":1988,"href":"https:\/\/forexvarsity.com\/welcome\/wp-json\/wp\/v2\/posts\/1987\/revisions\/1988"}],"wp:attachment":[{"href":"https:\/\/forexvarsity.com\/welcome\/wp-json\/wp\/v2\/media?parent=1987"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forexvarsity.com\/welcome\/wp-json\/wp\/v2\/categories?post=1987"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forexvarsity.com\/welcome\/wp-json\/wp\/v2\/tags?post=1987"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}