The government announced £350 billion worth of loans and aid are to be made available. Sterling traders appeared unimpressed with the GBP/USD cross hitting fresh six month lows.

Stock markets continued to tumble on Wednesday, with the Federal Reserve’s giant-sized interest rate cut providing very little relief for risk assets.

The Federal Reserve was one of the first major central banks to slash rates during the current crisis. This was followed up with another, more aggressive emergency cut on Sunday.

The worsening of the coronavirus crisis has shaken world financial markets. Currency market volatility continued. Find out what to expect this week.

The sharp worsening of the coronavirus epidemic, leading to nationwide lockdowns in Italy and Spain, shook world financial markets. The initial reaction was to send the Euro higher, as the US yield curve evaporated and markets priced in Federal Reserve cuts all the way to zero. However, the worsening epidemic news from Euro soon led to a reversal.

A lack of confidence in authorities ability to contain the spread of the virus has caused investors to continue to flee risky asset classes while the US Dollar rallys.

What to expect from the ECB meeting today including a probable rate cut and measures for SMEs. Plus, sterling slides and Trump's European travel ban

The Bank of England slashed interest rates in a response to the coronavirus outbreak. An scheme to support lending to SMEs was also announced.