NZ dollar falls as market weighs 'hawkish'

NZ dollar falls as market weighs 'hawkish'

Hong Kong's Hang Seng index rose 0.5 percent to 27,662.57.

Newly appointed Atlanta Federal Reserve Bank president Raphael Bostic also signalled a willingness to tighten monetary policy, saying there were more consistent signs of inflation.

Yellen's speech lifts dollar and Treasury yields, Trump looks for tax win after health-care flop, and Theresa May has a new headache over Bombardier.

In currency markets, the euro was down 0.4 percent to a one-month low below $1.1742, having fallen as low as $1.1732.

The dollar index, which tracks the greenback against six major currencies, was up 0.54 percent at 93.469, after rising to 93.607, the highest since August 23.

US officials emphasized the urgency of attempts at diplomacy to ease tensions with North Korea on Tuesday, while the USA stepped up sanctions amid an escalating war of words between Washington and Pyongyang.

The biggest focus for the market for Wednesday is the announcement of a tax plan by the USA administration and Republicans in Congress.

Hopes were also raised of lower U.S. corporation and individual taxes after President Donald Trump hosted a bipartisan round table discussion on tax policy at the White House.

Читайте также: John McDonnell pledges to end PFI 'scandal'

There were those who argued - like New York Fed president William Dudley - that normalisation should go ahead because the current low inflation environment is due to "temporary, idiosyncratic factors".

The US dollar appreciated overnight following Federal Reserve Chairwoman Janet Yellen's hawkish tone on rates, prompting renewed suggestions that a December move (to increase rates) was on the cards. He thinks President Donald Trump wants a "reformer" heading up the central bank.

The dollar climbed to a one-month high and bond yields rose as risks grew for a United States interest rate hike in December, while Asian stocks hovered near multi-week lows as tensions in the Korean peninsula remain elevated. In Europe, the Stoxx 600 Index was 0.3 percent higher at 5:50 a.m., with S&P 500 futures gaining 0.1 percent.

In Europe, the German 10-year government bond took a cue from the USA, rising more than 6 basis points to hit 0.464%.

"But we should also be wary of moving too gradually.without further modest increases in the federal funds rate over time, there is a risk that the labor market could eventually become overheated, potentially creating an inflationary problem down the road that might be hard to overcome without triggering a recession".

The U.S. Energy Information Administration will release stocks data later on Wednesday. In the previous session, prices fell 1.3% in what was the biggest loss in over two weeks. The index had been expected to dip by 0.5%. German 10-year benchmark yields rose 6 basis points to 0.47 percent. The euro was at $1.1756-1757, down from $1.1812-1813, and at ¥132.48-49, up from ¥132.01-02. ICE Brent crude for November settlement fell 87 cents, or 1.5%, to $58.15 a barrel.

The Japanese yen is down by 0.3% at 112.06 per dollar.

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