Collinson FX Market Commentary - Oct 5 - Equities surge
by Collinson FX on 6 Oct 2015
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Collinson FX Market Commentary - Oct 5 - Equities surge Click here to find out how to get Collinson FX's free iPhone app
Oct 5 - Equities surged overnight due to the almost universal belief that the Fed will not raise interest rates and the ocean of liquidity will continue to flood markets. European and U.S. Market PMI for services disappointed expectations and EU Retail Sales were zero.
There is little on the economic data front to suggest an improvement in global conditions, thus QE will remain, while asset bubbles stretch. The EUR drifted to 1.1170, while the GBP slipped to 1.5150, after lower Services PMI. Commodities managed to stage a recovery, pushing the NZD towards 0.6500, while the AUD will look to test 0.7100 with the RBA leaving rates unchanged.
The RBA statement will have more impact than the lack of action and this will drive currency direction today. The Transpacific trade agreement signed overnight will bolster trade but this definitely a case of ''the devil is in the detail'!
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