The big guns are out to play to start the week
- RBNZ cuts key interest rate to 0.25% from 1.0% in emergency decision
- RBNZ's Ha says QE program to be ready for month of May, if needed
- Federal Reserve acts on a Sunday evening to slash rates to near zero
- Fed's Powell says there will be no FOMC meeting this week - action today instead
- Fed's Powell says he does not think negative rates in the US are appropriate
- RBA says it is ready to purchase Australian government bonds
Meanwhile, the coronavirus pandemic continues to run deeper across the globe as it becomes more widespread in more countries and also threatens to shut down the US economy, even more so than it already has thus far.
The market is reacting poorly to the developments with risk being battered to start the week - where US futures even hit limit down already and Treasury yields are down by a whopping 20-30 bps across the curve. 10-year yields are down 29 bps to 0.67%.
It is all about the market reaction at this point in time and economic data releases matter little during a period like this, especially when they're not revealing much about the post-virus economic impact on the world economy.
0730 GMT - Switzerland February producer and import prices
Prior release can be found here. A lagging and proxy indicator of price pressures in the Swiss economy. Low-tier data.
0900 GMT - SNB total sight deposits w.e. 13 March
Your weekly check of the deposits kept at the SNB by Swiss banks. This data is a proxy for FX interventions.
That's all for the session ahead. I wish you all the best of days to come and good luck with your trading!