Collinson FX Market Commentary- May 27 - KIWI drops through 72c
by Collinson FX on 27 May 2015
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Collinson FX market Commentary: May 27, 2015 - Click here to find out how to get CollinsonFX's free iPhone app
Equity markets crashed, in the USA, when they opened after the long Memorial Day weekend. Yellen assured markets that interest rates would rise this year if global economic conditions warranted it.
Economic conditions have been, at best, mixed. Equities thrive on the mega-liquidity global Central Banks have been more than happy to flush markets with and any threat to the cash disrupts the record breaking equity markets. US House Prices continued to rise, but at a moderate pace, while durable goods contracted.
The bullish sentiment from the Fed boosted the Dollar, with the EURO falling to 1.0870, while the GBP dropped to 1.5380. Commodity currencies were equally impacted, with the AUD now testing 0.7700, while the KIWI finally broke below 0.7300 and trades in the low 0.72's.
The Fed continues to drive currency movement but the bullish language will be contradicted as the implications of interest rate rises become clear!
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