MARKET UPDATE 03 – MAY – 17

Some big market movers this morning specifically with the US Dollar which is the most weighted currency in our basket of currencies of which the Fiji dollar is pegged against. The US ADP employment change was better than expected outperforming consensus of 175K to 177K.Following this release their Market Services PMI (Apr) increased from 52.5 to 53.1. This resulted in the US dollar strengthening by 32pts opening in today’s trading platform as the US Federal Reserve signalled that they are still on track with two more interest rate hikes this year. Off the back of the US exchange rate, we see a much weaker NZD and AUD which is great for those making payments in these two currencies and those exchanging money their Fijian to travel there

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