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Market Update

EncoreFX’s daily market updates are written by our experienced and professional dealing team.

Kiwi consolidates

Published August 29, 2018

The Kiwi opens higher this morning against most majors as we see risk appetite returning to markets.

UK PM Theresa May re-iterates no deal is better than a bad deal

The Pound fell overnight on comments from UK Prime Minister Theresa May to reporters that a no-deal Brexit “wouldn’t be the end of the world”, adding that no deal would be better than a bad deal for the UK. The comments appeared to undermine Finance Minister Philip Hammond’s warnings of the damage it could cause the economy from a “no-deal” Brexit. The GBP was down near a one-year low against the Euro.

US consumer confidence surges to 18-year high

The US consumer confidence index surged to 133.4 in August vs forecasts of 126.7 and hit the highest level since October 2000. The USD was little changed on the announcement as the dollar remains under pressure from Federal Reserve Chairman Powell’s dovish comments last week at the Jackson Hole symposium, suggesting a slower pace of US interest rate hikes.

No big data announcements out today, with markets, looking ahead to the US gross domestic product data release this evening for further direction on the USD.

Local data to watch will be tomorrow’s ANZ Business Confidence results.