MARKET UPDATE 30-Jan-19

The Forex market today was somewhat subdued as investors braced for key events taking place – starting with Brexit voting. Prime Minister Theresa May survived a critical vote in Parliament yesterday that could have delayed Brexit.

The U.S dollar was flat against a basket of major currencies after consumer confidence dropped to an 18-month low following the government shutdown. The fall in consumer confidence does not bode well for consumer spending which is one of the main drivers of U.S. economic growth.

Meanwhile, the US Federal Reserve gets its two-day meeting underway and we shall know the outcome of it tomorrow morning.

Closer to home, Australia’s Inflation over the December quarter came in at 1.8% beating expectations of 1.7%. However, it is still weaker than what their Reserve Bank would hope for.

FX Rates 30.01.19

 

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