MARKET UPDATE 30-Oct-18

The US dollar firmed against its rivals today, supported by a safe haven bid as rising trade tensions and fears of a slowdown in global economic growth weighed on investors’ appetite for risk assets.

The Japanese yen, also seen as a refuge during times of heightened investor concerns, traded in a narrow range ahead of the Bank of Japan’s monetary policy announcement due tomorrow.

Meanwhile, later tonight, data for the European Union’s gross domestic product will be released for their 3rd quarter.

Closer to home, Aussie dollar kept gains after mixed Aussie Housing data and risk-off tone in the Asian equities, offering investors little incentive to hold in the Aussie dollar.

The New Zealand dollar is flashing marginal gains despite risk aversion. Asian stocks are on the defensive, courtesy of the escalating trade tensions, resulting in conflicting chart signals leaving the New Zealand dollar in a no man’s land.

FX Rates 30.10.18

 

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