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Market Update

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

Aussie remains flat ahead of US rates decision

Published September 26, 2018

Author: Dennis Li

The Aussie remains flat against the USD this morning and edged a further 0.23% lower against the EUR overnight as investors await the US Fed’s rate decision released early Thursday morning Sydney time.  With a rate hike widely expected, investors will focus on the accompanying statement for signs of the Fed’s ongoing intentions on rates and their outlook for the US economy amid the intensifying global trade tensions.

  • US consumer confidence jumped to an 18-year high in September as households became more upbeat about the labour market suggesting sustained strength in the economy.
  • Canadian Prime Minister Justin Trudeau on Tuesday gave a cautious statement that he saw the possibility that Canada could build on a bilateral deal that the US and Mexico have already agreed to, with the deadline getting close.
  • Argentina’s central bank governor resigned on Tuesday in the midst of negotiations with the IMF, sending the peso sliding.
  • According to Chinese vice commerce minister Wang Shouwen, China is being forced to retaliate against the US in their trade dispute and adding that Australia is an important source of fuel for China after putting liquefied natural gas (LNG) to its list of tariffs against the US.
  • Bank of Japan Governor Haruhiko Kuroda said on Tuesday that the central bank has entered into a phase where it must consider not just the merits but the side-effect of its massive stimulus program.