G7 is ready for the COVID-19
After a conference call last night (3rd), the finance officials of the Group of Seven (G7) issued a joint statement stating that G7 is ready to take all feasible measures to deal with the impact of the COVID-19 outbreak on the global economy, including Take fiscal measures in due course, and the central bank continues to strive to maintain price stability and economic growth. In addition, countries are also ready to cooperate further to adopt timely and effective solutions, but no specific action details such as increased government expenditures or central bank interest rate cuts are mentioned.
Golden Tuesday rose more than 3%!
The Fed unexpectedly cut interest rates by 50 basis points unexpectedly on Tuesday, but US stocks are still plunging, thus pushing gold up more than 3%. At the same time, the 10-year U.S. Treasury yield fell below 1%, and the market bet that the Fed would cut interest rates by an additional 50 basis points. However, considering that the current market is in a turbulent period, the market may continue to sell gold to meet liquidity requirements. At the same time, some funds may also return to the stock market due to central bank stimulus policies, which will still partially limit the rise of gold in a short time. Follow the ADP data, the US ISM non-manufacturing PMI in February and the Bank of Canada resolution.
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