MARKET UPDATE 15-Jun-18

The US dollar headed for its best week since 2016 after the Federal Reserve signalled further tightening in 2018 while the European Central Bank signalled it won’t raise interest rates for more than a year.

Concluding what’s been an event-packed week for global markets, the Bank of Japan however, is set to stand out against global peers that are moving ahead with policy normalization.

Closer to home, according to the latest survey from BusinessNZ, the manufacturing sector in New Zealand continued to expand, although at a slower rate.

And already under pressure from hawkish economic and interest rate forecasts from the US Federal Reserve, the Aussie was crushed by a combination of weak Chinese economic data, a mixed Australian employment report for May, and a sharp and sudden plunge in the euro following the European Central Bank’s (ECB) June monetary policy decision.

FX Rates 15.06.18

 

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