by Collinson FX
The refurbished Steinlager II on the Waitemata harbour
Collinson FX market Commentary: January 17, 2014, 2013
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US markets were closed for the MLK Holiday, so we saw little action in the markets, which is likely to continue until at least Wednesday when the river of economic data commences.
The EUR was steady, trading 1.3550, and the GBP 1.6425. European markets also remained steady, despite some tremors from Asia. Chinese economic data disappointed with GDP slipping from 7.8% to 7.7%. Industrial Production also slowed, falling from the previous 10% growth rate, back to 9.7%. A slow down in Asian markets is not wholly unexpected but the slack, globally, is expected to be taken up by the developed economies.
The AUD hit four year lows with the disappointing data from China but recovered to open around 0.8800. The KIWI also came under pressure, with local House Prices contracting 1%, reversing the recent explosion in prices and sales.
The NZD also recovered with European markets and will open around 0.8250. A building crescendo of economic data releases and the impact on Central Bank Monetary Policy will drive the remainder of the week.
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