Asian shares were trying to rally on Thursday as Beijing reported better trade n...
“The decision by these APAC central banks to “go hard and early” has provided further fuel to concerns of a global recession,” said Rodrigo Catril, a senior FX strategist at National Australia Bank. “This also means that the Fed will need to come to the rescue.”
Futures moved to price in a 100% probability of a Fed easing in September and a near 24% chance of a half-point cut. Some 75 basis points of easing is implied by January, with rates ultimately reaching 1%. All of which fuelled speculation that the major central banks would also have to take drastic action, if only to prevent an export-crimping rise in their currencies.
The euro has also bounced to $1.1210, from a two-year trough of $1.1025, while the U.S. dollar index has backtracked to 97.523, from a recent peak of 98.932.
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