Today’s Key Market Drivers: 9th November 2018
“US Dollar rallies post Fed’s November statement.”
I apologise for no GoldRock Insider Report yesterday I had a full day of travel commitments from Noosa Heads to country Victoria for a funeral today and this will also mean there will be no Friday Live this afternoon.
The US Fed this morning kept its official cash rate unchanged which was broadly anticipated. Traders are still pricing in the expectation the Fed raises the official cash rate again in December after hiking three times already in 2018. The US 10 Year Treasury Yield climbed again post the Fed statement along with the US Dollar as Fed Chairman Powell gave no indication the Central Bank of the USA would slow down the pace at which it plans to raise rates.
The Kiwi Dollar remained steady on Thursday following the Reserve Bank of New Zealand’s November policy statement, however, the NZD this morning has given back some recent gains after the US Fed’s statement. The Kiwi Dollar shot sharply higher on Wednesday following outstanding unemployment and wage growth numbers. As I pointed out in an earlier report this week I have changed my view on the AUD and NZD and expect the RBNZ and RBA will need to adjust their cash rates higher in 2019 and when they give the market some indication of their change in tune the respective currencies will rally strongly.
Today sees the RBA release its statement on monetary policy and whilst the report is marked as high impacting most of what is going to be in the report the market has priced into the Aussie Dollar from previous comments the RBA has made in its monthly statements. China’s latest inflation data will be released at 12.30 AEDT and through the European trading session, we will see the release of the UK’s latest GDP figures and other medium impacting data such as Industrial Production, Manufacturing and Trade Balance numbers. The Pound has been rising
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About the Author: Andrew Barnett
Andrew is a professional trader and successful investor who has a strong focus on education. He is a regular Sky News Money Channel Guest and one of Australia’s most awarded and respected financial experts and is regularly contacted by the Australian Media for the latest on what is happening with the Australian Dollar. Director at LTG GoldRock, Andrew Barnett, guides thousands of traders around the world in the live market on a daily basis, advising them on buy and sell directions, as well as trading his own personal account. Andrew, a regular keynote speaker at trading and wealth-creation events throughout the Asia Pacific region, is an authorized representative registered with the Australian Securities and Investment Commission (ASIC).
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