by Collinson FX
New Zealand Finn Nationals, Takapuna, February 2013
Collinson FX market Commentary: February 11, 2013
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EU Leaders met and reached an agreement on cutting the budget after pressure from Britain's PM Cameron.
This is the first meeting since Cameron floated the EU 'withdrawal boat' and leaders would be trying to accomodate the British to maintain unity. The EUR traded lower around 1.3350 and the GBP 1.5800, with many analysts wary of the Unions slip back to crises mode. In the US, the Trade deficit contracted surprising many but a fall in demand is hardly a reason to celebrate. The new week will look at Political developments in Europe with a G20 Finance Ministers meeting.
These gatherings usually achieve results as opposed to the Leaders meeting which is a photo-opportunity! A good look at growth (or lack thereof!) from Europe and Japan and Retail Sales in the US will all influence markets.
The AUD fell below 1.0300 after the RBA reviewed growth numbers lower although commodity prices inflated the AUD after Chinese Export data confirmed a surge.
The KIWI held 0.8350 reflecting the weakness in the reserve currency rather than any inherent domestic strength
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