MARKET UPDATE 31-Oct-18

China’s official manufacturing Purchasing Managers’ Index fell to 50.2 in October from the previous month’s reading of 50.8.

The slowdown in the pace of expansion in the manufacturing activity indicates that the impact of the trade war with the US is currently outweighing the stimulus measures in China.

The US dollar floated near 16-month highs against a basket of its major rivals after gaining overnight, as traders bet on the relative out performance of the U.S. economy and continued rate increases by the Federal Reserve.

Meanwhile, the Bank Of Japan is expected to signal its readiness to maintain its massive stimulus programme for the time being, as global trade frictions and financial market jitters cloud the economic outlook.

New Zealand business sentiment for this month improved over the previous month, although firms continued to be pessimistic.

FX Rates 31.10.18

 

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