by Collinson FX
December 15 2013 18fter Auckland Championships
Collinson FX market Commentary: January 14, 2014, 2013
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With little in the way of economic data release, markets were left to ponder the Fed. QE Infinity has flooded the markets with liquidity and tripled the Feds balance sheet.
The destruction of wealth and the US Dollar, has been enormous, but enhanced the competitiveness of America. The citizens are the major casualties, but equitiy owners, have gained much. Tapering has begun but the extent is not clear. The Eurozone has not fared well in the New Year and the EUR has dropped to 1.3650 with the GBP 1.6365.
The expansion of the money supply has undermined the value of the Dollar and has enhanced the prices of commodities.
The recovery in the associated currencies has begun with the AUD storming through the big, big figure and topping 0.9050 and the KIWI moving towards 0.8400. The weakness in the reserve currency is an indication markets do not believe that Yellen will continue tapering.
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