by Collinson FX
Multihull start - 2013 Auckland Cup, Day 2
Collinson FX market Commentary: April 26, 2013
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US GDP data frightened many equity investors as markets fell flat. First quarter growth in the US was 0.4% and an annualised rate of 2.5% below the expected 3%. The news was not surprising as economic fundamentals have been weak all year despite the much vaunted 'housing recovery!'
Data will be out this coming week placing some doubt on market forecasts in the leading indicator that is housing.
This coming week will look closely at this and pay close attention to the Fed's rate decision and the ECB, who are expected to cut rates as Europe continues to battle recession. The EUR held above 1.3000 and the GBP looks set to test 1.5500! Risk appetite has fallen recently despite the continuing flood of liquidity being pumped into the US, Japan and the EC.
The major employment reports will also be released in the US which will probably confirm the stagnation in the worlds largest economy. Commodities remain bid supporting the AUD at 1.0275 but this will be vulnerable to any major equity correction in May!.
The KIWI continues to gain support and has become a market darling trading up around the 0.8500 but this too will suffer uncertainty in Equities and risk markets!
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