by Collinson FX
- Etchells Invitation Series - November 12, 2013
Collinson FX market Commentary: November 23 2013
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Equity markets continued to test new record highs with little to impede the rise in Federal Stimulus. In the US, Pending Home Sales contracted 0.6% for the month and is now down 2.2% for the year!
The recovery in housing seems to have 'hit the wall' this year and this may be confirmed with tonights important Case-Shiller Home Price Index and Building Permit releases. The Dallas Fed Manufacturing Index rose 1.9, but was well below the expected 5.0. The economy continues to struggle, which only reinforces the Fed's QE Infinity program. The Dollar stabilised with the EUR slipping to 1.3510 and the GBP 1.6150. Risk currencies have been undermined by a concerted verbal action by the RBA over the last few days.
The AUD has fallen back to 0.9150 and is under pressure, but lack of intervention and continued QE from the reserve currency, will see a reversal. The KIWI has also been undermined by these moves trading below 0.8200, but lower moves are at the margin, have been reflected in the record rises in the NZD/AUD cross rate. Watch for more economic activity releases and their interpretation, with respect to Central bank activity, to drive markets.
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