Wednesday , 18 December 2024
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ForexLive Asia-Pacific FX news wrap: AUD to its lowest in a year, NZD lowest in two years

AUD,
NZD and CAD were further losers here during the session, remaining
under pressure from weak China demand and a strong US dollar. AUD/USD
hit its lowest since October 2023 while the kiwi $ traded down to its
lowest since October 2022. The only fresh news of note was from
Australia, where the government has forecast widening deficits ahead,
and surging debt.

USD/JPY
ticked back up, to highs just short of 153.80. The Bank of Japan
Statement is due on Thursday (expected in the 0230 – 0330 GMT time
window, which is 2130 – 2230 US Eastern time). The Bank is expected
to leave rates unchanged. Bank of Japan Governor Ueda is expected to
convey hawkish signals in his following press conference (0630 GMT /
0130 US Eastern time).

Ahead
of the BoJ tomorrow is, of course, the Federal Reserve later on
Wednesday. The Fed’s Federal Open Market Committee (FOMC) is
expected to cut Fed Funds by 25bp and to indicate a slower pace of
rate cuts ahead. There is more in the previews in the points above.

***

Elsewhere:

  • Nissan’s stock surged the most in at least fifty years on talk of a merger with Honda
  • Bitcoin pulled back further

This article was written by Eamonn Sheridan at www.forexlive.com.

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