Today FX markets are consolidating after yesterdays unexpected risk rally. The fireworks started with news that China central bank would cut the required reserve ratio for all banks by 50bp. Then in an effort to ease pressure in Europe the BoE, BoC, BoJ, ECB, SNB and Fed agreed to cut interest rates on USD liquidity swap lines by 0.50% (OIS 100bp to OIS 50bp). In addition, they extended these... ...More...


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