Collinson FX Market Commentary - July 14 - Greeks humbled
by Collinson FX on 14 Jul 2015
Warmer climes - Fiji July 2015 Richard Gladwell
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Collinson FX Market Commentary - July 14 - Greeks Click here to find out how to get CollinsonFX's free iPhone app
July 14 - Yellen spoke and markets listened! The Fed President confirmed the intent of an interest rate rise and highly convincingly!
The Dollar collapsed, as highly cynical markets, completely discounted her diatribe. Perhaps the 'escape clause' in her verbosity gave many a reason to brush aside intention.
Global equities rallied strongly after yet another Greek agreement has been reached! A further bailout has been agreed to under strict conditions. The Greek humiliation is complete as the realisation of certain damnation was at hand. The socialist Government has completely capitulated and must legislate the reforms quickly. The Europeans have agreed to a further bailout of an already hopeless case.
They are lending money on top of money that will not be repaid. Equity markets appreciated the solution as it gives some, at least temporarily, certainty. The EUR is now back to testing 1.1000, with bleak prospects, while the GBP dropped to 1.5490. Commodity demand was lower with weaker import numbers from China and a compromised European market.
The AUD is again testing 0.7400, on the downside, while the NZD slipped below 0.6700. Global equities may have steadied but commodities remain under extreme pressure through flagging demand therefore undermining the associated currencies.
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