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Australia's gross domestic product gained a seasonally adjusted 1.0 percent on quarter in the first three months of 2018, the Australian Bureau of Statistics said on Wednesday.

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With plenty of economic releases on tap, and a Fed meeting, traders are unlikely to be bored this week.

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The Federal Reserve announced today that it will raise the federal funds rate by one quarter-point. So what does that mean for your money?

In short, it means your debt will get a little more expensive. “For borrowers, rising interest rates are like paddling into a progressively stiffer headwind,” says Greg McBride, the chief financial analyst for Bankrate.com.

This will be the seventh hike since December 2015, and rates are already at their highest level since 2008. As part of its mandate, the Fed sets a target for the federal funds rate in order to maintain inflation at its 2% target and maximize employment. Inflation is currently at 2.8% and the unemployment rate is 3.8%. Boosting rates is an indicator of the Fed’s confidence in a strong economy, and it allows policymakers to continue rolling back the stimulus measures that were enacted after the 2008 financial crisis.

Consumers will see the most immediate effects of the rate hike in the form of higher interest rates for variable rate loans like credit cards and home equity lines of credit (HELOC).

“Anything that’s tied to the prime rate will change,” says Chris Geczy, an adjunct professor of finance at the University of Pennsylvania’s Wharton School. The prime rate is the interest rate commercial banks charge their largest, most credit-worthy corporate clients. Banks raise or lower this rate by the same margin that the federal funds rate changes.

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A former Norwegian government minister for 10 years and a lawyer for Microsoft, Greta Faremo, says that Artificial Intelligence (AI) has “undeniable potential” and could help the United Nation's Office for Project Services with a $1.8 billion annual budget, fulfill its sustainable development goals.

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New Zealand's gross domestic product expanded 0.5 percent on quarter in the first three months of 2018, Statistics New Zealand said on Thursday.

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New Zealand posted a merchandise trade deficit of NZ$113 million in June, Statistics New Zealand said on Wednesday - representing 2.3 percent on exports.

The headline figure missed expectations for a surplus of NZ$200 million following the downwardly revised NZ$208 million surplus in May (originally NZ$294 million).

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After reporting an unexpected deterioration in U.S. consumer confidence in the previous month, the Conference Board released a report on Tuesday showing a modest rebound in consumer confidence in the month of July. The Conference Board said its consumer confidence index inched up to 127.4.

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The number of Bitcoin ATM machines (BATM) installed across the world has crossed the 3,500 threshold, according to Coinatmradar.com. Bitcoin ATMs are installed in 73 countries in the world. Two thirds of them are concentrated in North America. Out of a total of 3,504 BATMs worldwide, 2163 are installed in the United States, and 613 in Canada.

Genesis Coin and General Bytes make up over half of all installations. Markets seem to be seeking two-way alternative machines, allowing users to jump in and out of fiat and crypto, as those BATMs are growing in total market share, Bitcoin News reports.

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A weaker Turkish currency - down some 45% against the U.S. dollar this year - should be a great for tourists heading to “brand damaged” Turkey, but fears mount that an economic collapse in the country and panic would be far more damaging and more than offset any temporary boon from a weaker Lira.

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President Macri hits the road to convince bond lords Argentina won't default. Meanwhile, the peso is in freefall as Peronistas salivate.

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