Aussie wins against drop in the US dollar as Fed gets ready to cut

Thursday 14th Decenber 2023

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A Fed that is happy to hold, and is expecting to cut three times next year. That’s the takeout from the FOMC meeting this morning. Markets have responded swiftly, with sharp moves down in the US dollar and bond yields, with the Aussie dollar making the biggest gains this morning. NAB’s Taylor Nugent says yields were already falling on the back of slower rises in producer prices, adding to the evidence that inflation is easing in the US. The Bank of England meets later today, along with the ECB. Both are expected to stay put, with the UK having much lower than expected GDP growth in October. Australia’s employment numbers are released today, after yesterday’s Seek job ads show more labour market easing.

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