Kiwi jumps over 1% after interest rate decision
The New Zealand dollar rose on Wednesday against a basket of major rivals after an expected decision by the RBNZ.
The Reserve Bank of New Zealand voted to cut interest rates by 50 basis points at the November 27 meeting to 4.25%, the lowest in two years, and the third rate cut in a row.
The NZD/USD pair rose 1.2% as of 18:56 GMT to 0.5900.
Aussie
The Australian dollar rose 0.3% against its US counterpart as of 18:56 GMT to 0.6496.
Earlier government data showed Australian consumer prices rose 2.1% y/y in October, below estimates of 2.5%.
US Dollar
The US dollar index tumbled 0.9% as of 18:48 GMT to 106.01, with a session-high at 106.9, and a low at 105.8.
Earlier government data showed US GDP growth clocked in at 2.8% in the third quarter of 2024, same as expectations, and down from 3% in the second quarter.
US durable goods orders rose 0.2% in October, below estimates of 0.7%, and slowing down from 0.7% in September.
US unemployment claims were unchanged at 213 thousand in the week ending November 23, below expectations of 215 thousand.
US personal consumption rose 0.2% m/m, and 2.3% y/y in October according to government data, matching expectations.
Core consumption , excluding food and energy, rose 0.3% m/m and 2.8% y/y as expected.
According to the Fedwatch tool, the odds of a 0.25% Federal Reserve interest rate cut stood at 69.7% in December, up from 59% a day ago.
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US crude stocks fall more than expected
The Energy Information Administration reported a drawdown of 1.8 million barrels last week to 428.4 million barrels, while analysts expected a drop of 0.5 million barrels.
Gasoline stocks rose by 3.3 million barrels to 212.2 million barrels, as distillate stocks rose by 0.4 million barrels to 114.7 million barrels.
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US personal spending rises in October
US personal consumption rose 0.2% m/m, and 2.3% y/y in October according to government data, matching expectations.
Core consumption , excluding food and energy, rose 0.3% m/m and 2.8% y/y as expected.
Personal income jumped 0.6% m/m in October, passing estimates of 0.3%.
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Wall Street heads lower despite positive data
Most US stock indices fell on Wednesday after positive data and before Thanksgiving.
Earlier government data showed US GDP growth clocked in at 2.8% in the third quarter of 2024, same as expectations, and down from 3% in the second quarter.
US durable goods orders rose 0.2% in October, below estimates of 0.7%, and slowing down from 0.7% in September.
US unemployment claims were unchanged at 213 thousand in the week ending November 23, below expectations of 215 thousand.
According to the Fedwatch tool, the odds of a 0.25% Federal Reserve interest rate cut stood at 69.7% in December, up from 59% a day ago.
On trading, Dow Jones rose 0.1%, or 13 points as of 16:19 GMT to 44,875 points, while S&P 500 fell 0.4%, or 25 points to 5996 points, as NASDAQ slid 1%, or 196 points to 18,979 points.
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