Collinson FX Market Commentary: June 17, 2014 - KIWI's meteoric rise

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Collinson FX market Commentary: June 17, 2014

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Equity markets opened the week mixed, after retreating from all-time record highs in previous trading, due to Geo-political threats from Iraq and the Ukraine and a tepid global economic growth. The upheaval in the Middle East and Europe could drive market volatility, with the VIX on the rise, depending on developments. In the US, Industrial Production rose 0.6% and the Empire State Manufacturing survey beat expectations, slightly. This balanced the negativity driving Oil higher from the Middle East drama.

The EUR remains weak, trading 1.3550, while the GBP looks to test the big, big figure of 1.7000. European inflation is non-existent and in fact deflation is now the problem the ECB is wrestling with. The KIWI's meteoric rise, due entirely to the RBNZ, and the corresponding rise in interest rates is having an impact. Consumer Confidence slipped and House Prices contracted 1.2% for the month and 14.8% for the year.

The economy is now starting to show the effects of RBNZ aggressive policies contradicting trading partners monetary policy. The AUD continues to trade steadily around 0.9400 and look forward to Central Bank activity in the US and locally.

The RBA is set to release minutes which will be an insight to the state of the domestic economy. Central Banks and Geo-Political events will continue to drive the markets.

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