Collinson FX Market Commentary - Aug 4 - All rise in the US of A?
by Collinson FX on 4 Aug 2015
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Collinson FX Market Commentary - Aug 4 - All rise in the US of Click here to find out how to get CollinsonFX's free iPhone app
Aug 4 - Commodities continued to shed weight, with Oil leading the charge, falling to $46! Global demand is on the wane, while the Dollar adds pressure, with telegraqphed interest rate rises. This week is a bazaar of economic data releases and should drive equities, currencies and bonds.
The big movers should be employment data in the US, lead by the ADP and Challenger Jobs report, culminating with the Non-Farm Payrolls. This will have a huge influence on market direction but may provide a much needed excuse for Yellen!? The Dollar edged forward with growing confidence, the EUR slipping to 1.0950, while the GBP dipped below 1.5600.
The AUD remained compromised, by weak global commodity demand, despite stronger domestic Labour, Manufacturing and Housing data. The AUD consolidated around 0.7270, while the KIWI dropped under 0.6580.
Everything points to a rise in interest rates, in the USA, pushing commodities and currencies lower. Yellen will look for a reason to defer, to enable the economy to continue to benefit low cost of capital, ignoring the real cost of excessive monetary inertia.
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