The US dollar continues to weaken against our Fiji dollar basket from last week.
The US shares and the greenback both fell after the US Federal Reserve raised official interest rates by 25 basis points and pushed back against the chance of rate cuts this year.
The financial markets still believe the US Fed will need to cut rates this year, with bond market pricing looking for almost 70 basis points of cuts by the end of 2023.
The Fed’s decision to hike rates was contested by some observers with worries about the US banking system remaining a major concern in some parts of the market.
Meanwhile, April’s job data was nowhere sad.
The US economy added 253,000 new nonfarm jobs in April, beating expectations for the 13th straight month.
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Story by: frederica.elbourne@fijisun.com.fj
