Currency Update: As was widely expected, the US Federal Reserve announced this reduction in its monthly bond buying program and made no change to its forward...

Bell Potter

Stockbroker

Currency Update: As was widely expected, the US Federal Reserve announced this reduction in its monthly bond buying program and made no change to its forward guidance. While labour market conditions were mixed, they had on balance showed further improvement. Overall, today's statement suggests that the Fed will continue to reduce asset purchases at USD 10 billion per meeting and that it will look through one-off data releases in its assessment of the economy. These moves will keep the pressure on the AUD. In Europe the Hungarian Forint was 2.5% lower on the night. This sentiment drove the USD broadly higher as the JPY outperformed. US Q4 GDP is the key data release for the market tonight. The economy is expected to have expanded at an annualized pace of 3.2% (last: 4.1% annualized), which is expected to have been driven by solid contributions from consumption and net exports.


Bell Potter Securities is a leading Australian stockbroking, investment and financial advisory firm that provides a comprehensive offering of financial services to a diversified client base that includes individuals, institutions and corporations.

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