Collinson FX Market Commentary - Aug 28 - The Folly of Jackson Hole

by Collinson FX on 27 Aug 2016

Stand by to gybe - RNZYS Winter Series August 27, 2016 Richard Gladwell www.photosport.co.nz

Collinson FX Market Commentary - Aug 28 - The Folly of Jackson Hole

Janet Yellen is nothing, if not predictable, continuing to talk interest rate hikes. The rhetoric does not match the action! If you were gullible enough to believe the nonsense Central Bankers spout then you might have faith in the honesty of our political leaders! Jackson Hole is a gathering of Central Bankers where they publicly talk the market up but quietly confirm the propaganda they must recite to markets to hide the problem.

Record liquidity through Monetary Policy has done nothing to stimulate growth but created massive asset bubbles. Fiscal ineptitude is camouflaged by Monetary expansionism. Whomever believes the rhetoric is naive. The EUR traded 1.1200, while the GBP fell back to 1.3130, after a green shoot rally. Commodity currencies were impacted by the rising reserve, with the AUD falling below 0.7600, while the NZD crashed to 0.7220.

The US GDP fell back to 1.1%, to historical lows for the post GFC economy, but the second pillar will respond. The Employment number is set to be stellar, but do not be misled, look at participation!

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