Collinson FX Market Commentary - Feb 21

Collinson FX Market Commentary - Feb 21 - Pence steadies Europe

by Collinson FX on 20 Feb 2017

- Millennium Cup and Bay of Islands Sailing Week, January 2017 Steve Western www.kingfishercharters.co.nz

Collinson FX Market Commentary - Feb 21 - Pence steadies Europe

US Vice President Pence has been reassuring the Europeans of their support for NATO and the EU, but firmly warned the Europeans over their own commitment to defence, dispelling some uncertainties.

NATO members must commit to 2% of GDP on defence, which has been paid lip service in the past, by most members. The US is in a strong position and European political turmoil has only exposed sensitivities. Strong poll showings in France and Holland have exposed growing support for Non-EU, right wing parties, which is spreading fear amongst the European elites.

News overnight of raids on LePen's (French Nationalist Party) offices have opened a new front in the battle.

US equities settled in a quiet open to a holiday weekend. The Dollar was also steady, with the EUR trading 1.0600, while the Yen held above 113.00. The AUD remained below 0.7700, while the NZD drifted below 0.7200, looking for support from the Dairy Auction.

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