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Dollar Higher Despite 2019 Uncertainty

During the Friday trading session in Asia, the US Dollar moved higher against major peers as market focus shifts to next week's expected Fed rate hike. Analysts say that gains are certain to be limited, however, given the uncertainty of the outlook for the US economy and the interest rate outlook. The Federal Reserve's last 2018 policy meeting is scheduled to begin December 18th and continue through to the 19th. In the Eurozone, the Euro came under pressure after Mario Draghi commented on concerns for the Eurozone's outlook. Renewed concerns for a possibly hard Brexit have also weighed on the Pound.

As reported at 10:20 am (JST) in Tokyo, the USD/JPY was trading at 113.4660 Yen, down 0.1160%; the pair has ranged from 113.424 Yen to 113.666 Yen. The EUR/USD was trading at $1.1135, down 0.02% while the GBP/USD was trading lower at $1.2628, down 0.26%.

Kiwi Lower at RBNZ Announcement

In New Zealand, the Reserve Bank of New Zealand announced that they were considering doubling their capital requirements for banks in order to ensure that any potential shocks to the New Zealand economy and financial system could be weathered. The RBNZ news sent the Kiwi Dollar lower, with the NZD/USD pair trading down at $0.6797, a loss of 0.86%; the pair had earlier hit a low of $0.67919. The RBNZ said it hopes to minimize the impact of its proposal by implementing a 5-year transition period; capital requirements would vary from between 20% and 60%, resulting in a rise to borrowing costs. The proposal will now be put forward for consultation.

Barbara Zigah
About Barbara Zigah

After working on Wall Street, Barb began her second career as a freelance writer at Daily Forex, where the CEO recognized fresh, untapped potential and was willing to give her a try. She’s never looked back. Since then, she’s worked steadily as a freelance writer and editor in the financial services and Forex-related industry.


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