Collinson FX Market Commentary - July 12 - Commodities and Oil drop

by Collinson FX on 13 Jul 2016

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Collinson FX Market Commentary - July 12 - Commodities and Oil drop

July 12 - No major economic data releases allowed markets to focus on the Geo-Political events consuming the markets over the weekend. The Japanese voted in favour of further 'Abenomics', while the Australian right also declared victory, after an antiquated and drawn out election process. This settled the status quo, reinforcing the ultra loose QE policies, while maintaining fiscal largesse.

Equity markets loved this and the S&P jumped to new record levels in the US. Currencies were a mix, with the Yen retreating to 102.70, while the GBP charged to 1.3000! Europe is digesting the new paradigm, with the realisation that the sky is not falling in, although the EU should realise the dire predicament they have been in for a long time. The growth forecasts in Europe have been reviewed lower, again, with further reductions likely.

Commodities drifted lower, with Oil falling below $45/barrel, pushing the associated currencies back. The AUD traded 0.7525, while the NZD attempts to hold 0.7200. Markets are calm but expect further Central Bank influence over a relatively quiet economic data release week. The Fed will release the Biege Book, which is likely to reveal the continued slow and steady recovery, thus quelling any requirement to raise interest rates!

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