MARKET UPDATE 31-Jan-19

The US dollar lost ground today after the U-S Federal Reserve sent the clearest signal yet that its three-year drive to tighten monetary policy is close to an end. The Fed vowed to take a patient approach to rate hikes in the wake of slowing global growth and subdued inflation.

Fed’s decision was made easier by the impact of the longest government shutdown in US history, which not only hit economic growth, but also limited the amount of economic data available to assess the health of the underlying economy.

With this out of the way, the market is now focusing on high level trade talks in Washington between US and China to deepen economic reforms. The two sides have just over a month to reach an agreement, or risk an escalation in their costly trade battle.

FX Rates 31.01.19

 

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