FX News

FX Update: Fed worry markets

Market Overview

• New Zealand Consumer Confidence Index falls to 82.1 in April approaching the level last seen during the GFC in 2009
• The Federal Reserve meeting this week along with non-farm payrolls hold our focus this week, the fed may move less ‘dovish” at the meeting and hold rates “higher for longer”.
• Bank of Japan ( BoJ) leave cash rate unchanged at 0 to 0.1% in line with expectations, this sent the JPY spiralling lower into the weekly close.
• US consumer sentiment index dips lower to 77.2 from 77.9 in March.
• Japanese Inflation slops for the second straight month coming in at 1.6% y/y in March down from 2.4%.
• Analysts are predicting a delay of rate cuts by the Reserve Bank of Australia with consensus now that a cut won’t come into effect until early 2025.
• Consumers in the UK are feeling better about economic prospects with the sentiment barometer in April showing the best report since the beginning of 2022.
• The Japanese Yen (JPY) has been the strongest currency this week while the weakest currency is the Australian Dollar (AUD).

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