With the Federal Reserve and the US Central Bank standing firm on their forecast to increase interest rates this year, their views have been lifted on the economy. This event’s repercussions has had a major effect on the global markets. The Asian stocks were showing the first signs of the announced plans in their stocks retreating. I presume this will continue throughout today’s Asian trading hours.
Wall Street ends lower after the Fed had said that the economy was growing at a steady rate. The USD continued to strengthen which lead to a decline in the Crude Oil price. The price of Oil as it stands now is at its lowest since 2009. There is just no telling when things are going to start looking up for the dismal price of oil again.
With the economy growing at a ‘solid pace’ as explained by the Federal Reserve this allows more opportunity for job gains with a big improvement in labor conditions. This lowers the rate of unemployment and leads to a strengthening dollar. Not to mention increased domestic spending.
The Reserve Bank of New Zealand’s latest statement also had a great effect on the New Zealand Dollar (NZD). This currency, also known as the kiwi, has slumped to a four year low this morning. They have opened up to the possibility that further monetary tightening is on the horizon and possible rate cuts will be implemented.
The dollar (USD) held its ground yesterday and again today against its major peers. The Euro (EUR) dipped further today in light of the Greek election aftermath.
Tip of the Day for our Binary Traders:
Trading the USD/NZD in a CALL position would be the way to go for today’s trade.
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