Collinson FX Market Commentary - 19 July - Brexit a boon for Brits?
by Collinson FX on 19 Jul 2016
- RNZYS Winter Series, July 16, 2016 Richard Gladwell
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Collinson FX Market Commentary - July 19 - Brexit a boon for Brits?
July 19 - The tumultuous weekend of terrorism in France and a failed coup in Turkey failed to unsettle markets. Equities and currencies commenced the week quietly with the USD settling and share markets perched just below highs. QE has provided massive amounts of cheap money to supply equity markets and it would take a huge Geo-Political event to upset the rallies.
The EUR traded 1.1075, while the GBP jumped to 1.3300, later drifting back to 1.3260. A Bank of England member has questioned a need for a rate cut, which can be justified, as Brexit may be a boon for the country and the currency.
NZ CPI came in at 0.4%, for Q2, missing expectations. This pushed the currency below 0.7100 and with the looming RBNZ update, points to further downside. The AUD continued to trade around 0.7600, with the returned liberal Government nominating a no-surprise incoming cabinet, calming markets.
Markets remain quiet, awaiting the next Geo Political event or Central Bank disruption, to determine the direction currencies and equities.
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