MARKET UPDATE 20-12-18

After weeks of market volatility and calls by President Donald Trump for the Federal Reserve to stop raising interest rates, the U.S. central bank instead did it again, and stuck by a plan to keep withdrawing support from an economy it views as strong. U.S. stocks and bond yields fell hard. With the Fed signalling “some further gradual” rate hikes and no break from cutting its massive bond portfolio, traders fretted that policymakers could choke off economic growth. The Federal Open Market Committee raised the fed funds rate 25 basis points to a range of 2.25% to 2.5%. New Zealand’s Trade Balance data for November is -$5.42 billion against the previous reading of -$5.78 billion Aussie dollar is reporting moderate gains despite the unexpected rise in the Aussie unemployment rate and the drop in the full-time jobs. The dismal jobs report and a hawkish Fed hike indicate that the path of least resistance is to the downside.

FBC FX Rates 20.12.18

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