Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Traders’ Indecisive Ahead of the FED

Traders’ Indecisive Ahead of the FED

By Tim Waterer (Senior Trader, CMC Markets)

The Australian market traded indecisively today ahead of some key offshore events, namely the testimony of Bernanke before Congress as well as the release of the Fed minutes. The ASX200 started well before reversing course with traders seemingly a little unsure as to where to be positioned as we await the latest clues from the FOMC on the future of asset purchases.

Materials stocks performed quite well on the local market while the major banks were on the decline, however overall there was a directionless feel about the market today. Perhaps also contributing to the market pullback from the earlier highs was the release of the surprisingly weak consumer sentiment data. This release definitely impact the AUDUSD rate today with the Aussie losing around one third of a cent against the greenback on the soft sentiment reading.

Overall it was a mixed performance by markets across Asia today, The Nikkei soared again after the BOJ meeting however elsewhere other indices were rather more reserved in anticipation of an update on the state of play by Bernanke. I would expect that the Fed Chairman will be balanced in his testimony given that the US economic recovery is a constantly evolving landscape, and as such the flexible approach to the future path of QE will likely be maintained by Bernanke.

ENDS

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

PGPs: New Programme Sets Sights On Strong Wool

A new collaboration between The New Zealand Merino Company (NZM) and the Ministry for Primary Industries (MPI), announced today, aims to deliver premiums for New Zealand's strong wool sector... More>>

ALSO:

Restrictions Lifted: No Further Tau Flies Found

The Ministry for Primary Industries (MPI) confirms that all restrictions on the movement of fruit and vegetables in Manurewa, Auckland, due to the Tau fly, have been lifted as of 2.26pm on Sunday 7 February. More>>

Crowdfinding: Awaroa Beach To Become Public Land If Appeal Succeeds

Conservation Minister Maggie Barry says a privately-owned beach will become part of the Abel Tasman National Park if an online crowdfunding campaign to buy it succeeds... More>>

ALSO:

Meat Workers Union: Waitangi Mondayisation Flaunted By Large Employer Of Maori

At the AFFCO Talley owned meat plant in Rangiuru, the company has resorted to bullying and threats... saying they could be disciplined and their union sued for an unlawful strike if workers exercise their rights to a paid day off tomorrow. More>>

Earlier:

ETS Review: Modelling Documents Released

Three technical documents are being released to help New Zealanders engage with the Emissions Trading Scheme (ETS) review, Climate Change Minister Paula Bennett says. More>>

ALSO:

Northland: Govt Plan Targets Transport, Web, Maori Assets

The government has released a 10-year plan to attract investors and lift economic growth in Northland, a region that perennially underperforms the rest of the country even while being endowed with natural beauty, productive land, minerals, a potential workforce, scope for manufacturing, forestry and aquaculture, and proximity to Auckland. More>>

ALSO:

Statistics: Unemployment Rate Falls To 5.3 Percent

The unemployment rate fell to 5.3 percent in the December 2015 quarter (from 6.0 percent), Statistics New Zealand said today. This is the lowest unemployment rate since March 2009. There were 16,000 fewer people unemployed than in the September ... More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news