by Collinson FX
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Collinson FX market Commentary: December 11, 2013
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Equity markets drifted lower, as consideration was given to an improving economy, forcing the Fed to curb monetary stimulus. Budget talks draw to a climax, culminating in a deal by the 13th of December, giving some fiscal stability to markets and removing yet another excuse from the Fed.
The likelihood of tapering improved, but markets are sceptical, as the Dollar continued to flounder. The EUR rose to 1.3770 and the GBP to 1.6440, after a reduction in the UK trade deficit and steady Industrial and Manufacturing production.
Chinese Industrial production continued to impress, holding 10%, and Retail Sales rose 13.7%. This boosted demand for commodities and thus the associated currencies. The AUD rose to 0.9150 and the KIWI just under 0.8300.
The pressure exerted upon the risk currencies of late has come from the Central Banks but support remains, with the only threat, 'Tapering'!
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