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

 


Traders’ indecisive ahead of the FED

15.03 AEST, Wednesday 22 May 2013

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

 

Wood Producers: Crisis In New Zealand Log Supply

New Zealand wood processing leaders held a hui with senior government officials and political leaders in Whangarei yesterday to assess the acute log supply shortage to local mills in Northland. More>>

Consents And Taxes: Trustpower 'Very Disappointed' With Judgement

Trustpower is "very disappointed" with a Supreme Court ruling dismissing its bid to claim tax deductions on $17.7 million of project costs in a case closely watched by large-scale infrastructure developers. More>>

ALSO:

Fruitful Endeavours: Kiwifruit Exports Reach Record Levels

In June 2016, kiwifruit exports rose $105 million (47 percent) from June 2015 to reach $331 million, Statistics New Zealand said today. Overall, goods exports rose $109 million (2.6 percent) in June 2016 (to $4.3 billion). More>>

ALSO:

Economic Update: RBNZ Says Rate Cut Seems Likely

The Reserve Bank will likely cut interest rates further as a persistently strong kiwi dollar makes it difficult for the bank to meet its inflation target, it said. The local currency fell. More>>

ALSO:

House Price Action Plan: RBNZ Signals National Lending Restrictions

The central bank wants to cap bank lending to property investors with a deposit of less than 40 percent at 5 percent and restore the 10 percent limit for owner-occupiers wanting to take out a mortgage with a deposit of less than 20 percent, according to a consultation paper released today. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news