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Collinson FX Market Commentary- September 27, 2013 - Break back

by Collinson FX on 28 Sep 2013
Fineline (NZ) 18ft Skiffs San Francisco, USA © Richard Gladwell www.richardgladwell.com

Collinson FX market Commentary: September 27, 2013

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Markets broke back to the positive after a string of losses this week, as equities found confidence in Employment data and Housing. Weekly Jobless Claims continued to fall and Pending Home Sales rose 2.9%. GDP growth in the US, was steady at 2.5%, which gave the reticent Bulls some confidence to return to the arena.

The Fed's lack of telegraphed action sent jitters through markets with the perception of QE Infinity underlining some bad economic news to come. Housing continues to improve as low interest rates encourage consumers back to the markets but consumption remains retarded with much of the liquidity providing Wall Street with super profits. The EUR retreated back to 1.3480 and the GBP tested 1.6000 on the downside.

Commodity currencies were steady with mixed moves on the commodity front. The AUD traded around 0.9330 and the KIWI 0.8260. Markets will continue to be guided by economic data and the impact this will have on Central Bank activity.


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