MARKET UPDATE 03-Aug-18

It was a busy evening for the traders in Europe as they had the Bank of England hike the interest rates by 25bps to 0.75%. This was almost entirely priced into markets, but the accompanying commentary was mixed to soft.

Foreign central banks’ holdings of US Treasuries at the Federal Reserve recorded their largest weekly increase in more than two years as the dollar drifted to the strongest level in over a year.

The greenback gained support amid the trade fight between the US and China. Traders perceive the greenback as safer currency if the tension between the world’s two largest economies hurt business activities world-wide.

Meanwhile on the data front, the US Continuous jobless claims decreased to 1.724million. While their Initial jobless claims as at July 27 increased by 1,000.

June’s seasonally-adjusted Retail Sales for Australia came in at 0.4%, ticking just above the market’s expectation of 0.3%.

FX Rates 03.08.18

 

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