US markets drifted ahead of the FOMC meeting results, set to be released shortly. The Fed did not move interest rates and announced announced a $15 billion cut to QE, which was $120 Billion/month. This was no surprise to markets, with equities trading just off record historical highs, but is miniscule in the greater scheme of things. The ADP Jobs reports came in strong than expected, with 571,000 jobs added to the private sector. This bodes well for the all-important Non-Farm Payrolls number, to be released Friday. The US Dollar was steady, with the EUR trading 1.1580, while the GBP pushed back to 1.3650.
NZ Employment numbers were better than expected, with the headline rate falling to 3.4%, but these are a long way from reality. The economy is dissolving under extreme lock-down regulations and private business is in a state of collapse. The Government is one of the few left in the world persevering with these draconian measures, in an effort to prevent infection, while destroying the economy. The NZD managed to stabilise after the previous falls, rising back to 0.7120, while the AUD consolidates above 0.7400. Australian Services and Composite PMI was better than expected, as business comes roaring back, post lock-downs.
Politicians are risk-averse and their jump to autocracy, is not only destroying business and the economy, but individual freedoms.