Collinson FX Market Commentary- May 13 - KIWI plunges
by Collinson FX on 12 May 2015
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Collinson FX market Commentary: May 13, 2015 - KIWI Click here to find out how to get CollinsonFX's free iPhone app
May 13 - Equities drove forward to start the week, buoyed by another attempt at monetary stimulus, this time from China. The Chinese cut interest rates, effecting a further stimulus, raising the bid in the global currency war. This allowed a recovery in equities after a non-plussed employment report last Friday.
European markets were considered and the EUR traded 1.1150, while the GBP continued to reflect conservative Governance, trading up to 1.5600! Markets confirm and encourage fiscal rectitude, as seen in the UK, while monetary support should be just that.
The KIWI plunged overnight to 0.7340, hit by recognition of economic reality, rather than any single economic revelation. The AUD slipped back to below 0.7900, but held ground versus the NZD, improving the cross. Central Bank activism remains central to market behavior, with depleted economic performance, controlling currency wars.
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