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The G7 financial leaders held a conference call last night to discuss measures to rescue the market. The statement after the meeting said that they would help maintain economic stability at an appropriate time. Later on,

The Federal Reserve cut interest rates by half a percentage point.  After the G7 conference call, the market initially stated that there was no special measure. However, the Federal Reserve cut interest rates suddenly after the US stock market opened.

In addition, with drastic measures, the financial market experienced severe shocks, with gold prices soaring by more than US$ 50 and reaching 1650 this morning. Central banks around the world have further tightened their monetary policies.

It will help the capital flow into the gold market and support the gold price to reach a new high.

The G7 rarely holds teleconferences. In response to the downward risks brought by novel coronavirus to the economy, the financial leaders held a joint meeting for more than half an hour at 7 pm.  After the meeting,

G7 Finance Ministers and Central Bank Governors Declare G7 Group is Ready to Take Action at Necessary Moments, Including Financial Instruments, The Oral Statement Remains at Export Level,

The market did not respond much.  After the US stock market opened, the stock market continued to decline. The Federal Reserve eventually cut interest rates by half a percentage point. Powell pointed out that the cut was aimed at helping the US economy to remain strong in the crisis.

At present, employment growth is stable, salary growth continues to maintain, and the virus and countermeasures will drag down economic activities for a certain period of time.  In the future, we will continue to take actions to keep the economy strong and use tools and actions appropriately to support the economy.

U.S. President also responded immediately after cutting interest rates. Trump pointed out that the Federal Reserve must be looser and more important is to catch up with other countries and competitors. The United States is in an unfair competitive environment.

It is unfair to the United States. This is finally the time for the Federal Reserve to take the lead and let loose and cut interest rates more aggressively.  Trump seems to want the Federal Reserve to do more. Unfortunately, the Fed has little room to cut interest rates, and U.S. stocks have retreated again in the session.

The low interest rate in the market is believed to last for some time. Following the moves of Australia and the United States, it is Canada's turn to discuss the interest rate tonight. I believe it will also cut interest rates in advance to maintain the liquidity of the market.

And tonight there are ADP jobs in the United States, commonly known as small non-agricultural jobs. In addition, the Federal Reserve will also issue a brown book in the middle of the night. We should also pay attention to the fact that gold prices have maintained a strong trend after a sharp decline in interest rates.

However, the fluctuation has started to expand again, and it is advisable to wait for a low price before buying. The market outlook will push up step by step, keeping it above US$ 1600.