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Forex Today: Market Scales Back Fed Rate Hike Expectations

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Markets are revising lower the estimated coming rate hike from the US Federal Reserve, causing a weaker US Dollar and stronger stock markets.

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Analysts are scaling back their formerly higher expectations of a forthcoming US rate hike as high as 1%A second successive rate hike of 0.75% is now the consensus expectation following remarks from Fed member Bostic and lower than predicted inflation expectations data. This is causing a selloff in the US Dollar and rises in stock markets.

New Zealand CPI data released a few hours ago shows annualized inflation hitting 7.3%, an increase from the previous level of 6.9% and the highest annualized rate seen since 1990. The market had been expecting a lower rate of 7.1%.

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