by Collinson FX
- Etchells Invitation Series - November 12, 2013
Collinson FX market Commentary: November 19, 2013
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The Dow broke through the record high, never achieved... the magic 16,000 level!
This is purely a result of Central bank interventionism with QE Infinity living up to it's name. Janet Yellen has already described the US economy and labour market as 'performing far short of potential' and many believe she will act in an even more expansionary fashion. Yellen is dovish and will even consider the expansion of QE Infinity.
The massive stimulus has literally flooded equity markets and inflated further bubbles in asset prices, supporting currencies, as the reserve is undermined. Despite the basket case, that is the EU, the currency moved north to above 1.3500 and the GBP 1.6100 as the mighty US Dollar is dissipated. Markets will await the release on the Fed's minutes this week with the RBA to release minutes today.
The insight in to the machinations of Central Bankers will give leads to the direction of currencies. The AUD is approaching 0.9400 and the KIWI 0.8350, with pressure on local Central Banks to react to the Fed, or destroy trade exposed sectors as a sacrificial lamb to the alter of US stimulus.
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