by Collinson FX
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Collinson FX market Commentary: March 11, 2014
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Economic data was thrown into the mix of uncertainty to begin the week. Chinese Exports fell 18.1% from a year ago, which shocked many, as most expected growth and thus demand to continue to strengthen. China and Asia continue to be a major driver of demand and the fall in Chinese demand hit commodity prices hard.
This in turn impacting a soaring AUD. After testing 0.9100 during the local days trade, the commodity driven currency, plunged back towards 0.9000. The KIWI did not have such a roller-coaster ride but did rise then settle back to 0.8450.
Uncertainty undermines markets and the Ukrainian crises has interrupted the bull market in equities. Russia will book the gains in the Crimea and now use a position of strength to influence Kiev, in terms of future political/economic direction, away from the EC. The West is considered an interloper in Russia's sphere of influence and is widely blamed for the current situation in the East.
The Malaysian Airline disappearance has also added to the jitters globally with terrorism suspected.
The EUR retreated back to 1.3870, but remains near highs, although the GBP retreated back to 1.6635. Look for more uncertainty in markets with global geo-political developments unfolding.
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