Collinson FX Market Commentary - May 19 - Pressure off Trump
by Collinson FX on 19 May 2017
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Collinson FX Market Commentary - May 19 -
Markets recovered some of yesterdays lost ground, after an Independent Counsel was appointed to investigate the Russian interference, thereby relieving pressure on Trump.
The obstruction charge, that prompted talk of Trumps impeachment, was also questioned. A tape circulated that Comey denied the Presidents intervention. The Dollar also managed to regain some ground, with the EUR slipping below 1.1100, while the $/Yen traded 111.50. US Leading Indicators came in lower than expected, while the Philly Fed survey spiked higher.
The AUD held above 0.7400, supported by lower unemployment rate (down to 5.7%), while the NZD slipped back below 0.6900. The KIWI lost ground, despite a rise in Consumer Confidence, hit by a rising reserve. Markets would dearly love some calm to resume, in a chaotic political environment, surrounding Washington.
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Collinson FX Market Commentary - May 18 - Politics divert markets
US Politics is spilling in to the world of finance. The Dow shed 350 points on the back of the turmoil swirling around Washington. The media are after Trump for sharing secrets with the Russians and obstruction with the FBI investigations.
The Dollar has also suffered the political crises, with the Yen charging under 111.00, while the EUR jumped to 1.1150. European inflation was flat, with the CPI holding below 2%, giving little reason for the single currency to rally so strongly.
The action is predominantly political coming out of Washington. The falling Dollar allowed the NZD jumped back above 0.6900, while the AUD held above 0.7400, despite drifting consumer confidence. Markets have been diverted towards politics until common sense returns.
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.
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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