LONDON: The global stocks rally was back on track on Tuesday , with more support from the Federal Reserve and the Bank of Japan helping end a bumpy few days for financial markets.
"It is a buy-the-dip mentality," John Hardy, head of FX strategy at Saxo Bank, said after risk-sensitive currencies such as the Australian dollar also made gains overnight. The euro and yen were both barely budging at $1.1333 and 107.33 yen per dollar. The Bank of Japan had increased its lending packages for cash-strapped firms to US$1 trillion from about US$700 billion, but had also kept rates steady, sticking to its view that the Japanese economy will gradually recover from the impact of the coronavirus pandemic.
Benchmark 10-year Treasury yields notes edged up to 0.74% in response, and the spread between two-year and 10-year yields widened to 54 basis points in another sign of improving risk appetite.
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