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Market Update

EncoreFX’s daily market updates are written by our experienced and professional dealing team.

Aussie down on strong US economic data

Published October 4, 2018

Author: Dennis Li

Comments from Fed Chairman Powell stating the US economy being ‘remarkably positive’ was backed up by strong economic data. This saw the Aussie fall by 1.21% overnight, to be near 2018 lows against the USD.  AUDEUR dropped by 0.58% following Italy’s announcement to cut its budget deficit targets and reduce its debt over the next three years.

  • US services sector activity hit a 21-year high in September with an increase in employment suggesting consistent growth in the US economy continued in Q3, keeping the Fed on track for December rate hike.
  • Turkish inflation surged to nearly 25% in September from previous year hitting a 15-year high with focus on whether the central bank will be able to deliver another hefty rate hike.
  • Argentina could get up to 30 automated teller machines that buy and sell bitcoins by the end of the year pointing to an expansion of the cryptocurrency market amid an economic crisis that has seen the depreciation of the peso’s value.