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Market Summary

Market Briefing

The US cut interest rates by 0.25% for the second time this year, to a range of 1.75 to 2 percent and signaled that it might not stop there despite uncertainty over trade and pressure from the White House.

U.S president Donald Trump has asked the Treasury department to substantially toughen economic sanctions on Iran, in response to a strike against Saudi Arabian oil facilities, which cut more than half the kingdom’s production.

Stocks recovered most of their losses by the end of trading, erasing an afternoon selloff after the Federal Reserve cut its interest rate for the second time in two meetings.

Oil prices fell after U.S inventory built for the first time in four weeks, but losses were minimal on news that the U.S was aiming to build a coalition of European and Arab partners to deter Iran after an attack on Saudi Arabia.

EUR/USD After the rate cuts that gave the USD a boost, the pair weakened and traded closer to 1.10. 

AUD/USD fell to 0.6825 post Federal Open Market Committee announcement, before retracting to 0.6830 ahead of Australian employment data.

Gold slipped after the federal reserve executed an anticipated rate cut that boosted the U.S dollar.

Today’s News

Server TimeHK TimeCurrencyDescriptionExpectation
01:4506:45NZDGDP q/q0.4%
04:3009:30AUDEmployment Change15.2K
04:3009:30AUDUnemployment rate5.2%
10:3015:30CGFSNB Monetary Policy Assessment-
11:3016:30GBPRetail Sales m/m-0.2%
14:0019:00GBPOfficial Bank Rate0.75%
15:3020:30USDPhilly Fed Manufacturing Index10.9

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