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Collinson FX Market Commentary- October 9, 2012 - US markets light

by Collinson FX on 9 Oct 2012
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Collinson FX market Commentary: October 9, 2012

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US Markets were lightly traded with the Columbus Day holiday and little drama occurring in Europe. EU Finance Ministers meet this week and the ESM Bail-out mechanism commences.

The question is when Spain will sink the snout into the trough!? In EU economic data, German Exports and trade continued to improve but Industrial Production contracted 0.5%. Markets will be focused on the commencement of the all important earnings season kicking off with Alcoa tonight. Expectations are not high for earnings which have been a driver for equity and commodity markets.

The EUR slipped back to 1.2970 and the GBP 1.6030. Higher yielding currencies fared better with some positive news from China. The Services PMI rose to 54.3 from 52 and this has helped the AUD which broke above 1.0200 again and the NZD 0.8195.

Look for developments from the debt crises in Europe and earnings in the US to drive market direction while the Presidential Election is now a major distraction.

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