本周市场表现强劲，美联储决定降息 50 个基点开启了人们期待已久的降息/货币宽松周期。这是意料之中的，尽管降息 50 个基点可能让很多人感到意外，但宽松周期已经开始。美国股市对此表示欢迎，股市飙升至历史新高，尽管降息通常是经济衰退的预兆。从历史上看，降息已经来得太晚，无法阻止经济衰退。欧洲和新西兰就是这种情况。因此，市场焦点将转向增长和经济活动。所有人的目光都将转向本周即将公布的美国第二季度 GDP 数据。另一个需要注意的重要因素是降息时间，降息幅度大于预期，距离美国大选仅剩几周时间。美元持稳，欧元略高于 1.1150，英镑回升至 1.3300。
美元稳定使得商品货币得以盘整，澳元维持在 0.6800 水平，而新西兰元则在 0.6200 上方交易。外汇市场上最大的推动者是日元，由于日本央行出人意料地采取中立立场，日元跌至 144.50。日本通胀率一直在稳步攀升，最高达到 3%，这对于日本来说在历史上是非常高的。日本央行已开始提高利率以应对这一问题，但日本央行行长目前关闭了紧缩政策的大门。未来一周将关注经济增长，而澳大利亚市场将密切关注澳大利亚央行的最新决定。
The markets closed out a huge week, dominated by the Fed’s decision, to cut interest rates by 50 basis points. This kicked off the cycle of rate cuts and easing monetary conditions, long awaited. This was expected, although the 50 points may have surprised many, but the easing cycle has begun. This was welcomed by equity markets in the US, which surged to record highs, although this is often a foreboding of a recession. Central Bank easing cycles are delayed and historically they have come too late to prevent a recession. This can be seen in Europe and New Zealand. The market focus will therefore turn to growth and economic activity. All eyes will turn to the US Q2 GDP number, set to be released, this coming week. The other important factor to note is the timing of the, larger than expected rate cut, only weeks before the US election. The Dollar was steady, with the EUR trading just above 1.1150, while the GBP regained 1.3300.
The static reserve allowed commodity currencies to consolidate, with the AUD holding 0.6800, while the NZD trades above 0.6200. The big mover on the FX markets was the Yen, which crashed to 144.50, following the surprisingly neutral stance of the Bank of Japan. Japanese inflation has been climbing steadily, up to 3%, which is historically very high for the ‘land of the rising sun’. The Bank of Japan had begun to raise interest rates, to combat this, but the BoJ Governor slammed the door shut on this tightening policy. This coming week will focus on growth, while the Australian market will be keenly watching the latest decision from the RBA.
美元稳定使得商品货币得以盘整，澳元维持在 0.6800 水平，而新西兰元则在 0.6200 上方交易。外汇市场上最大的推动者是日元，由于日本央行出人意料地采取中立立场，日元跌至 144.50。日本通胀率一直在稳步攀升，最高达到 3%，这对于日本来说在历史上是非常高的。日本央行已开始提高利率以应对这一问题，但日本央行行长目前关闭了紧缩政策的大门。未来一周将关注经济增长，而澳大利亚市场将密切关注澳大利亚央行的最新决定。
The markets closed out a huge week, dominated by the Fed’s decision, to cut interest rates by 50 basis points. This kicked off the cycle of rate cuts and easing monetary conditions, long awaited. This was expected, although the 50 points may have surprised many, but the easing cycle has begun. This was welcomed by equity markets in the US, which surged to record highs, although this is often a foreboding of a recession. Central Bank easing cycles are delayed and historically they have come too late to prevent a recession. This can be seen in Europe and New Zealand. The market focus will therefore turn to growth and economic activity. All eyes will turn to the US Q2 GDP number, set to be released, this coming week. The other important factor to note is the timing of the, larger than expected rate cut, only weeks before the US election. The Dollar was steady, with the EUR trading just above 1.1150, while the GBP regained 1.3300.
The static reserve allowed commodity currencies to consolidate, with the AUD holding 0.6800, while the NZD trades above 0.6200. The big mover on the FX markets was the Yen, which crashed to 144.50, following the surprisingly neutral stance of the Bank of Japan. Japanese inflation has been climbing steadily, up to 3%, which is historically very high for the ‘land of the rising sun’. The Bank of Japan had begun to raise interest rates, to combat this, but the BoJ Governor slammed the door shut on this tightening policy. This coming week will focus on growth, while the Australian market will be keenly watching the latest decision from the RBA.
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