by Collinson FX
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Collinson FX market Commentary: October 31, 2012
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US Financial Markets were closed as 'Super Storm Sandy' devastated the North East of America.
In a region not used to storms of such magnitude, Sandy committed enormous damage which will require huge efforts and resources to remedy. Markets remain closed until tonight but expectations are not high. Mother Nature does not have a great deal of consideration, in terms of timing, reference the Presidential Election cycle although it is probably a welcome relief to Swing-State voters.
In Europe markets rose after a relatively successful Italian Bond issue and Spanish GDP Contraction in line with expectations. EU Industrial, Economic and Consumer confidence all drifted lower as to be expected with economies contracting under the austerity measures engulfing the Economic Zone.
The EUR traded 1.2950 and the GBP 1.6050 with attention focused on the US Super Storm. Commodity currencies remain attractive as an investment away from the mayhem of the US and Europe. The AUD traded up to 1.0350 after New Home Sales fell 3.7% extending a decline in the housing market. The KIWI tested 0.8200, but remains susceptible to market vulnerabilities.
The focus will be the US Presidential Elections until Melbourne Cup day when we can all take breather and watch the RBA!
Saskia Sills,RSX,GBR 956 - 2012 RS:X Youth World Windsurfing Championships
Collinson FX market Commentary: October 30, 2012
Markets closed in the US as the Super-Storm Sandy makes its way up the East Coast of the US spreading mayhem.
The storm has closed financial markets and will probably remain closed until the passing allows a return to normality and a clean-up operation can begin. This has not only disrupted the financial markets but forced the culmination of the Presidential Election campaign to alter course.
In Europe markets drifted lower as authorities continue to debate the Greek bailout with Labour reforms now a question vigorously contested along with debt write-off. The overwhelming debt levels will demand debt write-off as the budget will not service the current levels. Authorities do not want to address this issue as it debunks the argument for the bailout in the first place.
The funding of Greece was portrayed as a series of loans to transition Greece to a viable functioning EU member. The EUR traded around 1.2900 and the GBP 1.6025 with members addressing the EUR$1 Trillion budget and attempting cuts of EUR$50 Billion.
It is astounding that these bureaucrats have a budget this size on top of and in addition to all member National Budgets!?!?.
Antipodean currencies dragged into the boredom with not much movement,AUD/USD 1.0300 & NZD/USD .8155.
The markets will remain static while the weather overwhelms the US with a focus on employment later in the week and the crescendo of the Presidential elections.
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