What a market! During the Asian session, the dollar rush continued, the bond sell-off also continued along with the stock market. The focus of attention is the slump in AUDUSD and NZDUSD. At the same time, Australia's 10-year bond yield jumped 128bps, setting a historical record. The RBA again cut rates by 0.25% to 0.25% in an emergency and said it would control the 3-year yield to 0.25% at noon. In addition, the European Central Bank also announced a plan to buy 750 billion euros of debt, which will continue until the end of 2020. In the United States, the Fed continues to print money to provide liquidity to the market. Selling pressure in European bond markets eased during the European session. The yields of German debt, French debt, and righteous debt fell sharply. At the same time, the AUDUSD rose, erasing early losses, leaving a 230-point lower tail. Looking forward, as for the stock market, due to the large-scale freezing of global economic activity, the recession will be determined this year, just to observe whether the market has changed from a sharp decline to a slow decline. The bond market must pay attention to whether the selling off is over. If it ends, the bond market may return to normal logic and interest rates may fall rapidly. In terms of foreign exchange, could technically observe whether AUDUSD will continue to appreciate tomorrow. If it appreciates, the short-term low has passed and could begin to buy.