Breaking: G7 central bankers to join call on coronavirus, markets, EUR/USD leap
|Finance chiefs including central bankers are set to join a teleconference on the coronavirus outbreaks, raising hopes for a coordinated response that includes rate cuts and perhaps new bond-buying schemes.
Markets have extended their gains. The S&P 500 is up nearly 2%. The US dollar is sliding across the board, with EUR/USD extending its gains above 1.1150.
The Federal Reserve vowed to act in a special message it released late on Friday as markets were crashing. The Bank of Japan and the Bank of England also joined in with similar promises. While the European Central Bank hesitated, it is part of the coordination and is ready to act.
Coronavirus has already taken the lives of over 3,000 people and has infected nearly 90,000.
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