Collinson FX Market Commentary - Dec 1 - Nothing out of question
by Collinson FX on 1 Dec 2015
Calm - 2015 PIC Coastal Classic Richard Gladwell
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Collinson FX Market Commentary - Dec 1 - Nothing out of Click here to find out how to get Collinson FX's free iPhone app
Dec 1 - Equities dipped, in a big week, of economic data release and Central Bank commentary. The headline news today was the admission to the Reserve Currency basket of the Chinese Yuan. They are weighted over 10%, above the GBP and the Yen, despite being a fixed currency unit!?
The 'powers that be' are so PC that they bow to pressures anticipated and not exerted. The EUR traded 1.0550, while the GBP hIt 1.5050, awaiting an expansion of monetary policy from the ECB this week. The Fed will determine an interest rate rise, going against the international tide, heavily influenced by this weeks employment data. Commodities remain challenged, as do the associated currencies, with the AUD back above 0.7200 and the NZD breaking 0.6550.
It must be remembered that the RBNZ embarked on a rate raising program, amidst this deflationary cycle, swimming against the tide as is the Feds intention. It is completely at odds with reality but global Monetary Policy has corrupted markets since the GFC so nothing is out of the question.
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