Collinson FX Market Commentary- Dec 17

Collinson FX Market Commentary- Dec 17 - Oil continues to tank

by Collinson FX on 17 Dec 2014

Best of 2014: Glenn Ashby does a foil jump as he crosses the finish line to win the 2014 Int. A-Class Catamaran Worlds, Takapuna, New Zealand Richard Gladwell www.photosport.co.nz

Collinson FX market Commentary: December 17, 2014

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Dec 17 - Oil prices continued to 'tank' which is destroying energy producers and companies associated. The Russian economy is in tatters and the currency is in free fall, reflecting the dependence on oil, rather than the sanctions applied over the Ukraine situation. Overnight the Rouble broke 70, to the USD, with rumors of intervention in the form of FX controls. The Central Bank raised rates by 6.5%, to 17%, in a desperate attempt to halt the collapse.

Oil demand is slowing, while production increases, and Chinese demand has hit all commodity prices. Chinese Manufacturing PMI contracted, to 49.5, further aggravating the situation. European equities surged, boosted by Manufacturing data, and a break out in ZEW Economic Sentiment in Germany and the EU. The EUR booked gains to trade 1.2500, while the GBP rallied to 1.5750. US markets were timid, in comparison to Europe, tainted by sobering housing data.

Building Permits fell 5.2%, while Housing Starts contracted 1.6%. US remains a safe haven play. The RBA minutes confirmed the consideration of future interest rate cuts and a desire for a lower AUD to stimulate a flagging economy.

The AUDUSD held 0.8200 but is under extreme internal and external pressures. The KIWI booked gains and look set to test 0.7800 looking more attractive to investors than it's Trans-Tasman cousin. The NZD currently trades 0.6218 and 0.4922 against the EUR and GBP.

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