Collinson FX Market Commentary - Jan 4 - Markets open on positive note
by Collinson FX on 4 Jan 2017
Start of PIC Coastal Classic - October 21, 2016 - T-Rex SR26 Richard Gladwell
www.photosport.co.nz
Collinson FX Market Commentary - Jan 4 - Markets open on positive note
Jan 4 - Stock markets opened on a positive note for 2017, boosted by strong manufacturing PMI data from China and the USA, providing a stable economic base for further growth. Chinese PMI rallied, as did the US PMI and ISM manufacturing, confirming a recovery in this sector globally.
The sharp rally in Chinese equities quickly translated into US markets, although the rally was not sustained, closing only slightly stronger. The Dollar continued to make ground, with the EUR falling back to 1.0400, while the Yen moved to 117.80. Australian Manufacturing PMI also booked gains and commodity prices jumped by 44.5. This allowed the AUD to shrug off the stronger reserve and consolidate above 0.7200.
The NZ Dairy Auction delivered weaker results, denting recent strength in the currency, although the KIWI still held 0.6900. Plenty of global economic data releases this week will paint the picture for the New Year. Weaker global economies lead to QE and a rally in equities in 2016, while stronger economic growth has lead to the prospect of improved earnings and a growth in equities in 2017!? The more traditional path is more desirable and sustainable.
Collinson FX Market Commentary - Jan 2 - New Year data to define 2017
Jan 2 - The New Year will open with a plethora of global economic data releases, headlined by Manufacturing and Services PMI, closing with Employment numbers.
The data releases should define market direction to commence 2017 along with speculation of global economic conditions and Central Bank reaction. The year should see interest rates on the move north led by the USA, which should be reflected in the US Dollar.
The EUR will start the year at 1.0500, while the Yen will trade 117.00. The AUD will be above 0.7200, while the NZD sits around 0.6900, with both vulnerable to a surging US Dollar.
For more on Collinson FX and market click here and here Or for the latest update click here
Countries: | NZ: 0800 338 838 | AU: 1800 143 415 | NY: 1888 6257 833 | UK: 0800 0285 834 |
Disclaimer: The details expressed in this website and accompanying documents or transmissions are for information purposes only and are not intended as a solicitation for funds or a recommendation to trade. Collinson Forex Ltd accepts no liability whatsoever for any loss or damages suffered through any act or omission taken as a result of reading or interpreting any of the information contained or related to this site
If you want to link to this article then please use this URL: www.sail-world.com/150880