by Collinson FX
18ft Skiffs, Auckland January 13, 2013
Collinson FX market Commentary: January 16, 2013
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Markets continued the quiet, non-reactionary trade, experienced since the fiscal cliff was postponed and participants remained unattached. The EUR came back to trade 1.3285 and the GBP 1.6050.
There was little happening on the European front with the German CPI remaining static and the Trade Balance floating along. German GDP was also anemic, rising 0.3%, revealing the Engine-room of the EU has hit a flat spot. In the US, Retail Sales rose 0.5% giving some hope, but the http://www.newyorkfed.org/survey/empire/empiresurvey_overview.html!Empire_State_Manufacturing report showed a big retrenchment in Manufacturing.
Fitch has been the first rating agency to warn the US over the 'Debt Ceiling' debate, which will dominate markets over the next month or so. Commodities continued to hold current high levels, giving support to the AUD at 1.0550 and the KIWI at just under 0.8400.
Look for US political manifestations to drive an insipid market with any surprise economic numbers likely to impact day-to-day moves.
2013-18 (22) - 18ft Skiffs, Auckland January 13, 2013
Collinson FX market Commentary: January 15, 2013
Markets were steady to begin the week with little news out on the economic front. US markets were digesting various Fed leaders speeches over the country with Bernanke reiterating his stance on prolonged low rates as long as Unemployment remains stubbornly high and inflation is controlled.
Concerns are surfacing about inflationary pressures and this is any central bankers nightmare and a box Pandora does not want to open! There are open questions over Apple which has now dropped below US$500. The longer their gadgets remain on the market the more profitable they are and we are seeing a shortening lifespan on refreshed products. Post-Jobs may not see the innovation and thus the fallout will grow as innovative companies overtake them.
Commodities remain well bid and the EUR held 1.3350 and the GBP 1.6075 despite Industrial Production falling 0.3%. The AUD traded 1.0550 with Home Loans falling and Job Advertisements dropping 3.8%. Storm clouds seem to be gathering over the Australian economy in an all-important election year.
The KIWI is trading just under 0.8400 but will be impacted by further economic developments in Europe and the US. Plenty of data to determine daily directions this week and look to Political leaders for disruptive messaging.
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