Market Overview:
Key Points:
• Risk aversion into Tuesday trading has seen most crosses dip sharply as punters buy the greenback.
• NZ building activity is down in the September quarter 2.4%
• Australian Services PMI for November 46.0 vs prior 47.9
• As we kick off the festive season the Fed are still unsure of “policy guidance” and where interest rates are headed, they have said incoming data will be key to decisions down the track.
• Markets are pricing in rate cuts of 130 points by the ECB in 2024
• 700 Palestinian’s have been killed in the past 24 hours in Gaza. Iran has warned of an expansion of war in the region if Israeli forces continue to commit war crimes.
• The New Zealand Dollar (NZD) has been the strongest currency over the week while the EURO (EUR) has been the worst performer.