Scoop has an Ethical Paywall
HiFX morning Update, November 29 2018
NZDUSD 0.6879 1.3%
NZDEUR
0.6045 0.6%
NZDGBP 0.5358 0.6%
NZDJPY 78.11 1.1%
NZDAUD 0.9398 -0.1%
NZDCAD 0.9115 1.0%
GBPNZD 1.8664 -0.6%
The NZDUSD opens at 0.6879 (mid-rate) this morning.
The US dollar tumbled and US equities have spiked higher in reaction to remarks by Federal Reserve Chairman Jerome Powell.
Powell while addressing the Economic Club of New York noted interest rates although still low by historical standards, are currently “just below the broad range of estimates of the level that would be neutral for the economy." The comments are starkly different in comparison to the October Fed minutes when interest rates were described as being “a long way from neutral.” Market reaction to the comments has been both swift and severe with the dollar index currently down 0.75% and the Dow up 2.0%.
Powell also described the economy as being close to achieving both of the Fed's objectives of promoting maximum employment and price stability and that rates are not on a "preset" path with the central bank paying close attention to incoming data.
Overnight the bank of England warned that a "disorderly Brexit" could shrink the UK economy by 8% and that the GBP could fall by 25%. The central bank was quick to stress that these are scenarios not forecasts and represent a worst-case scenario.
Global equity markets are mixed, - Dow +1.70%, S&P 500 +1.55%, FTSE -0.18%, DAX -0.09%, CAC -0.00%, Nikkei +1.02%, Shanghai +1.05%.
Gold prices are up 0.7% trading at $1,221 an ounce. WTI Crude Oil prices are rising, , currently up 1.5% trading at $51.78 a barrel.
ends
.
HiFX
International Payments Expertly Done
HiFX is one of the largest foreign exchange and international payment specialists in the world, managing over $30 billion on behalf of over 100,000 clients worldwide every year.
Large enough to undertake the biggest transactions, yet small enough to care about each and every one – send and receive overseas payments and manage your account anytime, anywhere. HiFX gives you the flexibility you need to transfer money quickly and easily via a secure online platform 24 hours a day, seven days a week - making moving money as easy as 1,2,3.
HiFX Ltd ABN 54 106 779 953/ AFSL No 240914
Business Canterbury: Urges Council To Cut Costs, Not Ambition For City
Wellington Airport: On Track For Net Zero Emissions By 2028
Landcare Research: ANZAC Gall Fly Release Promises Natural Solution To Weed Threat
NZ Anti-Vivisection Society: Auckland Rat Lovers Unite!
University of Canterbury: $1.35 Million Grant To Study Lion-like Jumping Spiders
Federated Farmers: Government Ends War On Farming
