Collinson FX Market Commentary - May 26 - KIWI goes higher
by Collinson FX on 27 May 2017
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Collinson FX Market Commentary - May 26 - KIWI goes higher
A week of gains on equity markets came to a close, which could be described as irrepressible, due to the lack of economic data. A week which was headlined by Trump's first world tour, taking the pressure off domestic dramas, while the Manchester bombing reminded the world of the certain dangers lurking.
US GDP came in at 1.2%, better than expected, giving investors faith. The US market now closes for the long Memorial Day weekend on a positive note. The Dollar regained some ground, with the EUR falling to 1.1170, while the GBP dropped to 1.2800.
The only currency unaffected by the rally in the reserve was the KIWI!?
The strong fiscal position, demonstrated by the Budget, has given the local currency legs. The NZD pushed above 0.7050, while the AUD slipped back to 0.7440, as a contrast between disparate fiscal positions are drawn.
Collinson FX Market Commentary - May 25 - KIWI surges past 70c
Fed Minutes revealed a cautious plan to slowly unroll the massively overblown balance sheet. There is a plan to reduce the outrageous $4.5 Trillion sitting on the Fed's balance sheet, although not aggressive, which the market welcomed.
Bond yields retreated and equity markets posted modest gains. US House prices posted some gains, while Existing Homes Sales drifted, sending mixed signals from a key leading sector.
The Dollar remained depressed, with the EUR holding 1.1200, while the GBP traded 1.2950. Local markets will digest the NZ Budget, which will likely be an election economic plan, affirming the stronger economy allows delivery. The NZD has surged above 0.7000, supported by a sliding reserve, while the AUD attempts to regain
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