Market Report – U.S. Dollar Drops

In today’s market report… surprisingly strong New Zealand economic growth data saw the U.S. dollar slide to a one-year low against a basket of currencies as market players seized the Kiwi dollar.

As the dollar dropped, oil and metals rose, boosting resource-related shares around the region. Commodity heavy Australian stocks outperformed most other markets.

However, stock market activity was limited in Asia with Japan closed for a third straight day and many investors waiting for a Federal Reserve decision later in the day.

Shares in China’s top pharmaceuticals firm Sinopharm jumped on their Hong Kong debut.

And Goldman Sachs $334 million investment in Geely Automobile Holdings has given a boost to the Chinese automaker’s global ambitions, including a potential bid by its parent for Ford’s Volvo brand.

China’s 10th-largest carmaker said it will use the investment for working capital and further acquisitions.

(NTDTV)