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breaking news ForexLive Asia-Pacific FX News: AUD and NZD bounce back a bit

Insights from the Federal Open Market Committee (FOMC):


The Australian and New Zealand dollars have regained ground after falling on Tuesday. AUD/USD fared better, while NZD/USD was stuck at 0.6200. This is currently just below as I post and threaten to make me a liar. There was hardly any impact news for either. A shipment of Australian coal arrived in China, but it was expected. There has been a certain thaw in chilly relations between Australia and China.

EUR/USD barely moved. USD/JPY rallied to around 132.75 before falling back to change slightly during the session. GBP/USD is up a few points.

The last on the First Republic Bank bailout is that there may be additional government support to shore it up, more in the point above.

The private oil inventory survey we receive weekly, the day before the official report from the US government, showed a big headline compared to the drawdown that was expected. The price of oil is a little lower, the survey result cited as an argument.

There were no notable data.

Asian Stock Markets:

  • Japan’s Nikkei 225 +1.9% (Japanese stock exchanges reopened after a public holiday yesterday)

  • Shanghai Chinese Composite +0.26%

  • Hong Kong’s Hang Seng +2.03%

  • South Korean KOSPI +0.85%

  • Australian S&P/ASX 200 +0.83%

The statement from the Federal Open Market Committee (FOMC) is due at 6:00 p.m. GMT today, 2:00 p.m. US Eastern Time. The consensus is for a rate hike of 25 basis points, but not unanimous. Goldman Sachs is in the “waiting” camp, saying financial stability concerns will outweigh inflation concerns at this meeting:

  • Overall, the historical record suggests that the FOMC tends to avoid tightening monetary policy in times of financial stress and prefers to wait until the extent of the problem becomes clear, unless it is convinced that other policy tools will succeed in containing the risks to financial stability.

(more in point above)


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