Forex Today: ECB puts pressure on other central banks

Here is what you need to know on Friday, September 13th:

  • The announced a stimulus package, which included a 10 basis point rate cut to -0.5%, and open-ended QE of €20 billion per month starting  November 1st. The central bank downgraded its inflation and growth forecast, also introduced a reserve system that would exempt part of bank holdings from negative rates. The / plunged to yearly lows, bouncing to a fresh weekly high of 1.1086.
  • The Sterling traded uneventfully against the greenback, finding mild support on market talks indicating that the EU was preparing to grant the IK another delay to . According to the leaked document, the European Parliament is planning to offer an extension to avoid a no-deal .
  • US President, Donald Trump, had a goodwill gesture with , announcing he postponed the introduction of higher tariffs on Chinese goods meant for October 1 until October 15. Optimism faded throughout the day, as the White House denied the possibility of an interim trade deal to secure agricultural purchases and commitments on IP from .
  • US Treasury kept advancing and reached fresh weekly highs.
  • Equities rallied post-, Wall Street gave back most gains ahead of the close.
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