Fx trading news: The money market has fully absorbed the possibility that the European Central Bank will cut interest rates by 10 basis points in July!

 

2020-02-28 11:43      from:CAPSTONE    author:Jack

Capstone forex trading news: The euro zone currency market is now fully absorbing the possibility that the European Central Bank will cut interest rates at its July policy meeting as concerns over the economic impact of the new crown virus epidemic continue to heat up.
 
In the currency market, the unsecured weighted average overnight interest rate (EONIA) futures in the euro fully absorbed the possibility of a 10 basis point rate cut at the July ECB meeting on Thursday. The odds were about 80% earlier Thursday.

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"We believe that given the European Central Bank's ongoing strategic review and the ongoing emphasis on fiscal importance, dovish expectations look a little too far," said Peter McCallum, interest rate strategist at Mizuho.
 
"As a result, it is a bit too early for the market to digest expectations, but we do believe that the rate cut will come later, after the Fed has arranged a rate cut."
As investors increase their bets on the European Central Bank ’s stimulus measures this week, the probability that the market is now digesting the central bank ’s June meeting to cut interest rates is almost 100%.


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