MARKET UPDATE 12-Jul-18

The US dollar steadied near a six-month high after the latest US economic data reaffirmed expectations that the Federal Reserve will hike interest rates two more times this year.

While financial markets remained vexed by risks of full-scale Sino-US trade war, investors’ focus was drawn to the US Labor Department’s expectation- beating inflation report which boosted confidence in the world’s top economy.

US producer prices rose in June, which gains in the cost of services and motor vehicles, leading to the biggest annual increase in 6 and ½ years.

Australia’s main stock index bounced back today, led by gains in banks and healthcare shares, but miners and oil producers fell on fears that a rapidly escalating US-China trade dispute will slow global demand.

Data from Statistics New Zealand showed food prices rose 0.5 percent in June, while the index rose 0.2 percent from the same month last year.

Tonight we await the annual US CPI release for June, and we’ll the impact on our Fiji dollar basket tomorrow.

FX Rates – 12.07.18

 

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