EncoreFX’s daily market updates are written by our experienced and professional dealing team.
Author: Dennis Li
The US Fed indicated on Wednesday in its December meeting minutes it was willing to hold off on rate hikes amid concerns about global growth and subdued inflation resulting in the US dollar index which measures the USD against a basket of six major currencies dropping to its lowest level since October. Overnight we saw the AUDUSD rally by 0.56%, gaining further support above 0.7150 with market momentum improved on optimism over the US-China trade negotiations. However, according to a Reuter’s survey of up to 53 economics analysts, median predictions for 3 and 6 months of the AUDUSD have been lowered from 0.7300 to 0.7200; and 0.7400 in December compared with previous expectations of 0.7500.
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