by Collinson FX
Crews from Australia and NZ testing the FX by Mackay Boats off Takapuna
Markets ended the week on a positive note with confidence in Europe boosted by some positive German Business Sentiment data.
The worry over the debt crises seemed to subside despite Spanish Bonds rising above 6%. The French go to the polls for the first round of Presidential election on the weekend so markets will be watching closely. Polls favour the socialist nominee which could strike fear into markets. France is in a precarious situation at present with the threat of debt default and possible downgrades.
Sarkozy has been a figure of unity with the Germans and supported austerity. The socialists threaten to eradicate the austerity programs and oppose Germany's Merkel as a populist move which could threaten stability and perhaps collapse the EUR itself.
Markets rose Friday and the EUR rose back to 1.3200 and the GBP 1.6115 with strong Retail Sales adding to stronger recent economic data. In the US earnings continued to support further rises in equities and commodities.
The AUD stabilised at 1.0370 and the KIWI to 0.8180.
This week will focus on Central Banks and Housing Data in the US but storms from the EU debt crises continued to roll over markets. The markets will also look closely at the FOMC interest rates decision and the subsequent appearance of Ben Bernanke.
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