FOREX-Dollar down after another surprise Fed rate cut

* Graphic: World FX rates in 2020 https://tmsnrt.rs/2RBWI5E
* Dollar falls early in Asia trade
* Central banks rushing to restore confidence in markets
* Investors fret economic impact of coronavirus

By Stanley White
TOKYO, March 16 (Reuters) - The dollar fell against a broad
range of currencies on Monday after the U.S. Federal Reserve
made another surprise interest rate cut and major central banks
took steps to relieve a shortage of dollars in financial
markets.
The U.S. Federal Reserve cut rates to a target range of 0%
to 0.25% and said it would expand its balance sheet by at least
$700 billion in coming weeks. Five other central banks also cut pricing on their swap
lines to make it easier to provide dollars to their financial
institutions facing stress in credit markets.
The moves come as policymakers try to respond to a brutal
months-long sell-off in financial markets due to worries about
the economic impact of the global spread of the coronavirus.
The dollar fell 1% to 107.00 yen JPY=EBS early on Monday
in Asia in reaction to the Fed's move which was announced on
Sunday evening U.S. time.
The greenback also fell 1% to $1.2418 per British pound
GBP=D3 .
Against the euro EUR=EBS , the dollar slid 0.7% to $1.1200.
The Fed, the Bank of Canada, European Central Bank, Bank of
England, Bank of Japan and Swiss National Bank also agreed to
offer three-month credit in U.S. dollars on a regular basis and
at a rate cheaper than usual.
The move was designed to bring down the price banks and
companies pay to access U.S. dollars, which has surged in recent
weeks as a coronavirus pandemic spooked investors.
The Fed already cut interest rates by half a percentage
point on March 3 at an emergency meeting, the first emergency
cut since the financial crisis in 2008, but that move failed to
stem market volatility.
The Reserve Bank of New Zealand joined in with a cut of 75
basis points to its rates, and speculation was rife the Reserve
Bank of Australia would also ease.
The New Zealand dollar NZD=D3 fell 1.3% to $0.5990, while
the Australian dollar AUD=D3 fell 1.2% to $0.6112.