Blogs

Coronavirus steps escalate in New Zealand    More: NZ has expanded wage subsidies and is considering a guarantee for business financing.  ForexLive

A statement from the Australian Council of Financial Regulators Emphasising the response being coordinatred in Australia between the RBA, CFR, government, banking sector and more.

COVID-19 – NZ Prime Minister news conference – alert level raised to '3' – Will go to 4 within 48 hours – we can stop the spread by staying at home – all indoor, outdoor events must not proceed Big % jump in NZ cases announced earlier: 

Abe has not yet enacted this, will seek Cabinet approval today. All arrivals from the US, including Japanese citizens to be quarantined. Appears to be a self-quarantine measure.  

Program trading halted for 5minutes – circuit breaker ForexLive

For imports +5.9% y/y – Exports to China +4.9% y/y – average exports per working day -0.4% y/y I doubt anyone will take any encouragement from these data given the focus is on coronavirus. Positive news for SK exporters at least.  

Emini US equity futures opened and plunged to limit down within minutes, but have now come back from those losses – Still down more than 3% – But not 5% and locked down. US President Trump's press conference is over.

Says the Federal Reserve is not out of ammunition  Earlier: Fed's Kashkari says the US will have (an at least mild) recession More: – To avoid more mass layoffs and address growing unemployment, small businesses should have access to government loans that would be forgiven if the businesses retained their workers, 

Health authorities in NZ concede there may be community transmission (its happening everywhere else, so this seems much more likely than not)  Cases up 36 to 102

A familiar start to the day for USD/JPY ForexLive The yen is keeping higher against the rest of the major currencies bloc amid risk-off pressures in the market but also as the dollar retraces some of its gains from last week to kick start the day, notably against the yen, franc, euro and pound.