Collinson FX Market Commentary - Dec 6 - NZD recovers post Key
by Collinson FX on 6 Dec 2016
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Collinson FX Market Commentary - Dec 6 - NZD recovers post Key
The prospect of political turmoil in Europe has been roundly rejected by markets. The failure of the Italian referendum forced the resignation of the Italian PM, but this was no major surprise, post-Breixit and Trump!
The EUR initially lost a big-figure, falling to 1.0550, but recovered to rally strongly to 1.0780! US equity markets shrugged off the potentially destructive political news and rallied. US Service and Non manufacturing data was flat, following expected weakness in the corresponding European numbers, allowing calm trade in markets.
The NZ PM, John Key, caught markets on the hop with a surprise resignation. It is a political rarity when a leader gives up power voluntarily, without scandal or electoral rejection and he is to be commended.
The NZD lost ground on the news, but also recovered overnight, to trade 0.7150. The AUD had slipped with the rising safety-play of the reserve, but found ground, heading back towards 0.7500! watch out for the RBA decision, with no action expected, although associated commentary may impact the currency!
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