CGM Weekly FX Video Update – 12th December 2017


US Dollar and equity markets fell on news of a failed terror attack in New York City. Investors are cautious of Thursday morning’s US interest rate decision by the Fed which has been fully priced in for a 0.25% rate hike. Will the Fed’s rhetoric be dovish or hawkish? Will the impending US tax cuts provide further stimulus to the economy or will it increase the US debt burden? Australia’s Q3 GDP data were weaker than expected due to very weak growth in household consumption. Aussie Dollar remains around 75 US cents at 6 month lows after the sharp narrowing in the trade surplus. The next support level is at 0.7480 whilst resistance remains around 76 cents. All eyes are on Australia’s November jobs report on Thursday.

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