MARKET UPDATE 30-Nov-18

In the forex market, investors continued to digest the comment from Fed Chair Jerome Powell.

However, investors are still hopeful for a December rate hike adding a bit of momentum on US dollar demand.

For equities, the S&P 500 halted a 3-day winning streak. Towards the end of the US trading session, equities gave up some of their gains. This is of the back of hopes of a US China trade deal at this weekend’s G20 Leaders’ Summit in Argentina. Earlier on, President Donald Trump said that he is close to reaching some arrangement with China.

Meanwhile, the Aussie dollar is suffering on the back of trade issues globally. Australia, which has gone 27 years without falling into recession, is a major exporter of iron ore to China. Therefore, if the Chinese economy experienced a hit, Australian exports would likely suffer as well.

FX Rates 30.11.18

 

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