Collinson FX Market Commentary - April 19 - Oil prices recover
by Collinson FX on 19 Apr 2016
- - M-Class - Arch Logan Memorial Brad Davies
http://www.rayc.org.nz
Collinson FX Market Commentary - April 19 - Oil prices Click here to find out how to get Collinson FX's free iPhone app
Oil and Central Bank commentary continued to dominate markets to open the new week. Oil was hammered, on the open, due to the failure of the Doha accord for Oil producing nations.
Oil prices recovered overnight, to trade around $40, thus boosting commodity prices. The New York Fed President, William Dudley, poured cold water on the Dollar and supported further QE. Equities loved this news and the DOW quickly rallied to break above 18,000. Dudley observed that normalisation of Monetary Policy would be 'gradual and cautious' as markets experience 'significant uncertainties and headwinds to growth'!
The Dollar sagged, with the EUR trading 1.1320, while the GBP heads towards 1.4300. Commodity currencies received a boost from a rebound in commodity prices and a flagging reserve. The AUD rebounded strongly, approaching 0.7750, while the NZD sailed through 0.6900. QE and associated currencies wars remain the Central driver of currency markets.
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