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BoE cuts rates in emergency move

Today’s news headlines:

‘BoE cuts rates in first emergency move since financial crisis’. Just hours before the UK government announces its annual Budget, the Bank of England slashed UK interest rates by 50 basis points to help the flow of credit through the economy in the wake of the coronavirus. The unanimous decision was accompanied by a cut to the countercyclical capital buffer to 0%. This should free up cash for banks to lend. The European Central Bank is expected to join the growing movement of emergency policy action when they meet tomorrow. (Bloomberg)

‘Biden opens an all-but-insurmountable lead over Sanders’. Voters are increasingly turning to Joe Biden in the race for the Democratic Presidential nomination, believing he is the best candidate to take on President Trump. The former Vice President was victorious in Missouri, Mississippi, Idaho, and Michigan. Sanders and Biden will go head to head in a debate on Sunday in the first one-on-one of the campaign but will not face a live audience due to coronavirus fears. (Bloomberg)

Today's rates and data 

Overnight, S&P 500 Futures fell along with Asian and Aussie stocks, while FTSE 100 Futures traded flat. Treasuries went higher along with other safe-haven assets like gold. Markets await details of US stimulus to fight the coronavirus.

Today's events

  • UK month-on-month GDP growth for January is due at 9.30am. The forecast is for a 0.2% increase compared to 0.3% for December.
  • January’s UK Manufacturing Production is expected to fall from 0.3% in December to 0.2% this time out.
  • At 12.30pm today, the UK’s annual Budget will be announced.
  • Inflation data for the US will be released at 12.30pm. CPI for February is expected to come in at 0.0% while the core CPI measure is forecast at 0.2%.

Interbank rates

GBP/USD: $1.2890
GBP/EUR: €1.1365
EUR/USD: $1.1345