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Citi Wealth Insights

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US Senate to vote on fiscal stimulus for small businesses; EU still yet to agree on a joint fiscal response; Markets await Fed Chair Powell speech

USD: Fed Minutes from the unscheduled March 2 and 15 meetings when it was decided to cut rates 50bp and on March 15 when rates were cut 100bp to the zero lower bound (ZLB) -
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Latest monetary/ fiscal developments – Fed to add more facilities; EU yet to deliver joint fiscal response; RBA/ RBNZ happy with their QE programs

USD: Fed facilities may grow further – Fed hawk Mester overnight says the Fed can take more risk amid reports the US Senate is looking to up relief loans by USD250bn.
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Signs of potential curve flattening in key epicenters drives a risk rally Monday

EUR: In Europe, countries are starting to follow the slowing in Italy’s new cases seen last week.
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Latest COVID-19 update: 1mn+ cases; incomplete US lockdown; Only Italy sees clear improvement in Europe; Dire outlook for US Q2 growth

G10 FX: State of the global lockdowns and US economy –
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USD better bid for much of this week but for how long?

USD: This week sees the broad based USD Index (DXY) once again trying to reach for the top, having broken through the 100 level overnight.
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Central bank developments – More announcements from the Fed to expand its balance sheets but a key measure to add USD liquidity delayed

USD: Fed announces it will exclude holdings of Treasuries and reserves from supplementary leverage ratio (SLR) for bank holding companies (BHC).
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