S&P 500 Loses Tuesdays Gains, Australian Dollar Was Wednesdays Best Performing Currency

Summary:

• S&P 500 has lost more than 1% during the trading day.
• AUD outperformed USD on Wednesday.

S&P 500 loses Tuesdays gains

U.S stocks fell early on Wednesday in the wake of stronger-than-expected data from the U.S manufacturing sector. Since then, the S&P 500 has lost more than 1% during the trading day. The data released by the institute for supply management reflected that the U.S manufacturing sector grew faster than the market expected, another signal that the fears of the U.S economy going into a recession may be overblown.

Following the manufacturing data release, the JPMorgan boss (Dimon) told Bernstein's Strategic Decisions Conference that the U.S. economy is facing a "hurricane" as the Fed continues its to try to normalise interest rates.

✕ GSPC Price Chart

Australian Dollar benefits from favourable GDP data

The Australian Dollar may have outperformed the US Dollar on Wednesday, but future policies from both the central banks could impact this currency pair. Reserve Bank of Australia (RBA) GDP data released on Wednesday exceeded market expectations, making it Wednesdays best performing currency.

Read next: Russian Oil Embargo Decision Weighs on The Euro (EUR/USD, EUR/GBP), Australian GDP Data Released On Wednesday Exceeds Market Expectations (AUD/USD) 

Sources: finance.yahoo.com, pounsterlinglive.com