Collinson FX Market Commentary - May 17

Collinson FX Market Commentary - May 17 - NZD and AUD all rise

by Collinson FX on 17 May 2017

Phil McNeil - Starling National Championships - Final Day - Wakatere Boating Club. April 18, 2017 Richard Gladwell www.photosport.co.nz

Collinson FX Market Commentary - May 17 - NZD and AUD all rise

EU GDP was steady and economic sentiment, the ZEW report, came in stronger. UK inflation is beginning to rear its ugly head, as the CPI moved to 2.7% p.a., lending to support to tightening of future monetary policy. This boosted the GBP back above 1.2900, while the EUR breeched 1.1000, as the Dollar retreated.

The NZ Dairy auction continued to improve, supporting a recovery in the currency, pushing the NZD towards 0.6900. US Housing Starts contracted 2.6%, while Building Permits slipped 2.5%, giving little reason for a Dollar rebound.

The AUD also continues to rally, consolidating above 0.7400, after the RBA minutes confirmed little change in monetary policy.

Starling National Championships - Final Day - Wakatere Boating Club. April 18, 2017 © Richard Gladwell www.photosport.co.nz

Collinson FX Market Commentary - May 16 - Oil surges after Price Fix

Oil surged back towards $50/barrel, after Russia and Saudi Arabia struck a deal on limiting supply, looking to push the price up to a higher trading band.

US equity markets jumped and the Dollar slipped lower. The NAHB House Market Index managed to book gains, although this was tempered, by a slippage in the Empire State manufacturing survey.

The EUR climbed to 1.0970, while the GBP gave up further ground, slipping to 1.2890. The cyber attack, 'WannaCry', caused international disruption and may be a harbinger of things to come!?

Chinese Retail Sales were strong, while Industrial Production drifted lower, allowing commodity demand to rally. The AUD broke back above 0.7400, in to some clear air, while the NZD held above click here and here Or for the latest update click here

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