Collinson FX Market Commentary - Nov 25 - Turkey turmoil bumps dollars
by Collinson FX on 25 Nov 2015
- Steinlager II - 2015 PIC Coastal Classic Richard Gladwell
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Collinson FX Market Commentary - Nov 25 - Turkey turmoil bumps Click here to find out how to get Collinson FX's free iPhone app
Nov 25 - Markets were dominated by Geo Political activity, with the shooting down of a Russian plane by the Turks on the Syrian border, ramping up tensions in the region. The Turks claim the Russian jet crossed the border, while the Russians claim this was false, warning of serious consequences. The Turks are anti Assad, pro US, with many disparate allies and enemies.
The situation is descending into turmoil and this week should see events effect markets. European markets fell with the news, although U.S. Markets remain quiet due to the shortened Thanksgiving week holidays. U.S. GDP came in at 2.1%, in line with expectations, while bond yields slipped lower. Existing Home Sales contracted 3.4% and Manufacturing PMI dipped lower.
The Fed will now focus on Employment and Non Farm payrolls in the all-important decision to raise rates.
The NZD consolidated above .6500, while the AUD jumped towards 0.7230, with Oil leading a rebound in commodity prices. The EUR moved to 1.0650, while the GBP slipped to 1.5070 with uncertainty spreading across financial markets.
Collinson FX Market Commentary - Nov 24 - Europe treads water
Nov 24 - A slow start to a short Thanksgiving week, with Oil pushing higher, while commodities drifted lower. The Chicago Fed National Activity Index contracted lower with anti terror raids hitting Belgium and France. The EUR threaded water, trading 1.0630, while the GBP held 1.5150.
Commodity prices influenced the associated currencies, with the AUD under 0.7200, while the NZD is looking to consolidate around 0.6500. Central Bank speculation and commentary remain the major driver of markets while Geo Political events remain a threat.
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