Key Takeaways:
The U.S. dollar dropped after the Federal Reserve cut its interest rate by 50 basis points
Expectations were leaning towards a dovish outcome with a 65% chance of a 50 basis point cut
Money markets priced in additional rate cuts in 2024 and 2025
The Australian dollar and Norwegian crown outperformed other currencies- Australian employment exceeded forecasts in August
The Australian economy’s dependence on China raises doubts about long-term rebound
Kiwi traded higher after New Zealand economy contracted less than expected
British Prime Minister Keir Starmer faces criticism over donations from a wealthy businessman
Incident IQ announces new leadership appointments to accelerate growth
Back-to-back storm days covered much of the Prairies with a threat for tornadoes
Published on September 19th, 2024 at 13:48 IST
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Dollar index down to lowest level in over a year
Australian and New Zealand dollars supported by domestic data surprises- Aussie benefited from strong employment data, uncertainty remains due to slow growth outside U.S.
- Norwegian crown strengthened after central bank plans rate cut in 2025
- Sterling up after British inflation data, BoE expected to keep rates on hold
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Market Updates:
The market saw significant movements following key economic events and decisions in various regions:
U.S. Dollar Impact:
- The U.S. dollar decreased after the Federal Reserve cut its interest rate by 50 basis points, causing a drop in the dollar’s value.
- Money markets projected additional rate cuts in 2024 and 2025, further weakening the dollar.
Australian and Norwegian Currencies:
- Strong Australian employment data exceeded expectations, supporting the Australian dollar against other currencies.
- The Australian economy’s dependency on China raised concerns about its long-term rebound.
- The Norwegian crown rose as the central bank planned rate cuts in 2025, strengthening the currency.
British Market:
- Sterling saw an increase following steady British inflation data, with the Bank of England expected to maintain interest rates.
- British Prime Minister Keir Starmer faced criticism over donations, impacting the political landscape.
Other Market News:
- Incident IQ announced new leadership appointments to drive growth in their sector, signaling potential changes in the industry.
- Severe weather conditions in the Prairies affected trading activities, highlighting the importance of monitoring local events.
- Published market insights and content continue to provide valuable information for traders and investors.