MARKET UPDATE 29-Nov-18

The forex market was heavy on US related news. The US GDP numbers for the third quarter of 2018 was released this morning, indicating the economy grew at a real rate of 3.5 percent. This marks 36th consecutive quarters of positive GDP growth which began in the 4th quarter of 2009.

But their Core Personal Consumption Expenditure dropped to 1.50% for the third quarter, while their new home sales for the month of October came in at 0.544 million only.

Meanwhile, the US Federal Reserve Chair Jerome Powell boosted investor sentiments towards riskier assets. He suggested that the Fed’s interest rate hike cycle may come to an end faster than initially anticipated.

The critical comment by the Fed Chair got the market going and saw currencies in the FX market react across the board.

FX Rates – 28.11.18 FX Rates – 29.11.2018

 

 

 

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