MARKET UPDATE 21-Mar-19

The US dollar nursed heavy losses in Asia this morning after the Federal Reserve stunned markets, by abandoning all plans to raise rates this year. A signal its three-year campaign to normalize policy might be at an end.

Elsewhere, the British Pound also weakened as markets met UK Prime Minister Theresa May’s request to extend the Brexit deadline by three months with scepticism.

Faring better was the New Zealand dollar as data on domestic economic growth came in firmer than many bearish investors had expected.

Strong household spending and business investment lifted gross domestic product 0.6 percent in the December quarter. This may have led investors to believe that perhaps the nation could remain resilient in the short-term as world output slows.

Australia’s job report came in today with eight-year low 4.9 percent Australian unemployment rate grabbed more market attention than soft employment change figure of 4.6K versus 14.0K expected and 39.1K prior.

FX Rates 21.03.19

 

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