Collinson FX Market Commentary- May 20 - US flat-lines on surging data
by Collinson FX on 20 May 2015
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May 20 - US Equities flat-lined overnight despite a massive surge in housing starts and building permits. US Housing Starts jumped over 20%, while building permit leaped 10.1%, reversing recent inertia. The Dollar continued to recover, with the EUR falling to 1.1150, while the GBP dipped to 1.5500. European markets jumped, after a warning for Greece from Merckel, setting a deadline of 12 days.
The all important ZEW German Sentiment report collapsed reflecting some dire confidence issues in the largest European economy. The resurgent Dollar was reflected in the commodity currencies, with the AUD falling to 0.7900, while the NZD slipped back well below 0.7400. Australian consumer confidence bounced but the real story is the 'Big Dollar'! Economic data will drive sentiment and perception which will be reflected in the markets.
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