FXStreet reports that strategists at Standard Chartered Bank have changed their Fed call and are now expecting a bigger rate cut at the next FOMC meeting on 18 March.

"We now expect a 100bps cut at the March FOMC (versus our previous call of 25bps). We are sceptical that such deep rate cuts are necessary or sufficient as a policy response, but we doubt that the Fed will risk under-delivering."

"We suspect that along with conventional monetary easing, the FOMC will sketch out policies aimed specifically at providing a credit buffer to the private sector."