Collinson FX Market Commentary - Sep 30 - Market rumours of correction
by Collinson FX on 30 Sep 2015
Mayhem - RNZYS Winter Series - Final - September 12, 2015 Richard Gladwell
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Markets were flat overnight, after a radical sell off in Asian equities, following European and U.S. Monday opens. Currencies remained in a state of flux, with the EUR trading 1.1240, while the GBP held 1.5150. Pending Home Sales contracted, while the S&P Case Shiller Home Price Index was flat.
The Dallas Fed Manufacturing Index continued to contract while markets remain extremely nervous. German CPI fell 0.2%, mirroring the EU number, which also contracted 0.3% This reflects the lack of growth in the much troubled Union. The Europeans remain preoccupied with the refugee flood and corporate malfeasance. Commodities stabilised, which settle the associated currencies, attempting to consolidate.
The NZD traded 0.6330, while the AUD remained below 0.7000, after Consumer Confidence dipped. There are many rumours hitting markets about a major correction coming as commodities flounder, through lack of demand, while corporates suffer earnings failures.
Growth and demand remain the primary ailment impacting Asia and spreading through the Global markets. The Feds lack of action confirms this scenario.
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