by Collinson FX
Elliott 5.9 - 2013 Auckland Cup, Day 2
Collinson FX market Commentary: May 6, 2013
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Non-Farm Payrolls came in better than expected fueling the rally in equities. The Dow has now toyed with the 15,000 level and the endless rally continues with no likelihood of Bernanke turning off the liquidity taps. This boosted the EUR which moved back to 1.3115 and the GBP to 1.5565.
Risk appetite continues to flourish boosting associated higher yielding currencies. The AUD breached 1.0300 and the KIWI moved over 0.8500 once again. The rally has been sustained by concerted Central Bank intervention and seems likely to continue until fundamentals tip the balance and cause reality to crash the party. Non-Farm Payrolls gained 165,000 with Unemployment falling to 7.5%.
The good news supported the markets despite Factory Orders falling 4%.
The new week will bring more economic data analysis and perhaps consideration of an interest rate cut in Australia. This is May!?
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