The Opening Bell: Where currencies start on Friday, November 30, 2018

FED FOMC minutes from the November 8 meeting just out:
– Almost all policy makers say rate hike warranted ‘fairly soon’.
– Many said it might be appropriate at some upcoming meetings to begin putting greater emphasis on evaluating incoming data.
Nothing else of note, and very little movement initially from it.

Yesterday the big news was the USD sell off after Powell’s speech, which stole some of the Meeting minutes thunder, with the highlight being the comment that they are just below the neutral rate. As the Market digested this yesterday the USD came back a little, as traders wondered if it got a touch ahead of itself.  Previously the Fed has stated that it is likely to go a bit above neutral anyway, so if the neutral rate is circa 2.5-3.5%, by definition we are indeed just below that. One hike this year and four next year still only takes us to a 3.5% Federal Funds rate, so maybe the comment was not as dovish, and not as big a change in the Feds thinking as it appears.

NZ Business confidence came out at -37.1, the same as last time. At the extremes this was really market moving, but for now has fallen somewhat to the background.

Australian Private Capital Expenditure missed, but it is a volatile data point, and there was little reaction.

Teresa May is out saying the analysis shows the negotiated Brexit Deal is the best deal, and the EU has made it clear it is the only deal. A fairly healthy dose of scaremongering one expects, and a few more headlines like this from May before the December 11th vote will be no surprise.

Nothing too major on the economic calendar for the weekend.

Global equity markets are mixed, Dow -0.24%, S&P 500 -0.19%, FTSE +0.49%, DAX -0.01%, CAC +0.46%, Nikkei +0.39%, Shanghai -1.32%.

Gold prices are up 0.2% trading at $1,224 an ounce. WTI Crude Oil prices have bounced from their lows, currently up 0.2% on this time yesterday trading at $51.88 a barre


Meghan Markle’s Wedding Veil Makers Washed Their Hands Every 30 Minutes

Meghan Markle’s wedding dress designer, Clare Waight Keller of Givenchy, had just five months to prepare for one of the biggest milestones of her career.

Waight Keller said she began designing the gorgeous gown and its incredible 16-foot silk tulle veil with Markle in January, according to a new interview with Paris Match, before millions (if not billions) of people laid eyes on it May 19.

“We very quickly agreed on the perfect dress,” said Waight Keller, the artistic director at Givenchy, according to a translation by People. “I wanted a modern and fresh silhouette while respecting her style.”

The two met for eight fittings for the dress (someone tell Katy Perry) and worked together on the intricate veil, which paid homage to all 53 Commonwealth countries by including flowers from each. Making the veil ― and keeping it spotless ― was no easy task.

“To keep the veil immaculate until the ceremony, the embroiderers washed their hands every 30 minutes,” Waight Keller said.

Kensington Palace described the veil hand-washing details in a statement released shortly after Markle made her debut in the gown on her wedding day, adding that it took workers “hundreds of hours” to make the final product. That sounds like a lot of soap and water.

Accordingly, the veil and the dress looked spotless for the nuptials. And Prince Harry complimented the designer on the gown.

“It is an immense honor to have worked closely with Meghan and to have lived by her side all these special moments. Prince Harry came to me and said, ‘Oh, my God. Thank you. She is absolutely magnificent,’” Waight Keller said. “I am very proud. It’s a fairy tale. A dream come true.”

Victoria Beckham, a former Spice Girl and the designer of her namesake line, thought the Duchess of Sussex “looked absolutely beautiful” at the ceremony.

“It really suited her,” Beckham, who had a front-row seat at the ceremony, told the Evening Standard in an interview last week. “I thought it was perfect for her. And Harry looked great.”

“American Idol” judge Katy Perry wasn’t nearly as enthralled with the gown.

“I would have done one more fitting,” the 33-year-old singer told “Entertainment Tonight.” “I’m never not going to tell the truth! One more fitting, but I love you.”