The US dollar falls again ahead of a widely expected Fed rate cut early tomorrow morning. Australian consumer confidence about the long term hits a 15-year low, and New Zealand house prices are flat.
In our Deep Dive interview, ANZ’s Head of FX Research Mahjabeen Zaman looks at the big picture for the US dollar, and its focus on US Federal Reserve Chair Jerome Powell’s comments tomorrow morning.
5 things to know in 5 minutes:
US stocks were in a holding pattern overnight ahead of a widely-expected Fed rate cut, with the decision to be announced at 5am tomorrow morning Australian time. But the US dollar kept falling with lower bond yields and market interest rates.
Australian consumer confidence fell last week to its lowest level since mid-June, according to the ANZ Roy Morgan survey, says ANZ Economist Sophia Angala.
Sophia also says Australian consumers were more worried last week about the economy in five years time than they were at the worst point of Covid in 2020.
House prices in New Zealand were flat in August after two months of slight falls, reports ANZ Senior Economist Matt Galt.
Selected price indices data from New Zealand showed rents, food, electricity, domestic airfares & accommodation and fuel fell a combined 0.4% in August from July, which was more deflation than the 0.2% that ANZ Senior Economist Miles Workman forecast.
Cheers,
Bernard.
PS: Catch you tomorrow with the Fed’s decision and Chair Powell’s initial comments at 5am Australian time.
