In today’s market update we look at the ongoing volatility hitting the markets at the moment – as part of the October Effect. Wall Street stocks closed lower on Wednesday, unable to sustain a late-day surge, after data showing strong U.S. labor demand again suggested the Federal Reserve will keep interest rates higher for longer. And the Russian directed Opec + confirmed a formal reduction in Oil production to try to keep prices high.
And A fifth consecutive 50-basis-point rate hike from the Reserve Bank of New Zealand (RBNZ) on Wednesday reminded investors that inflation remains the main focus of central banks. The New Zealand dollar was last up 0.14% at $0.5744, having jumped as much as 1.3% earlier in the session. The Aussie dollar was last up 0.12% near flat at $0.6494.
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