Collinson FX Market Commentary - Feb 7 - AUD depressed ahead of RBA
by Collinson FX on 6 Feb 2017
- Millennium Cup and Bay of Islands Sailing Week, January 2017 Steve Western
www.kingfishercharters.co.nz
Collinson FX Market Commentary - Feb 7 - AUD depressed ahead of RBA
Equity markets were softer to open the week, with growing conflict in political circles in Europe, while Trump continues to throw the cat in with the pigeons! Nationalist French leader, LePen, launched her campaign with flourishing anti-EU and migrant rhetoric.
This sentiment is reflected also in poll for leading right winger Geert Wilders, in Holland. The threats to the single market are on the rise. German Factory orders surged 5.2%, emphasising the trade advantage German enjoys through currency manipulation, as outlined by Trump adviser Navarro. The EUR slipped back to 1.0740, while the GBP fell to 1.2450, as the British House Speaker publicly refused Trump permission to address Parliament.
The AUD traded around 0.7650, depressed after weak Retail numbers, ahead of the RBA rate decision. The Central Bank has left rates unchanged for months and no action is expected. The NZD tests 0.7300 and is likely to trade on reserve strength with some local Central Bank speculation to drive daily moves.
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