Collinson FX Market Commentary - Nov 4 - RBA baulks on rate increase
by Collinson FX on 4 Nov 2015
- 2015 PIC Coastal Classic Richard Gladwell
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Collinson FX Market Commentary - Nov 4 - RBA baulks on rate increase Click here to find out how to get Collinson FX's free iPhone app
Nov 4 - Equities continued to book gains for November boosted by a dearth of detrimental economic data being released. U.S. Factory Orders contracted 1%, but this did little to dent investor enthusiasm, with equities jumping.
The signals from the Fed, that they will raise rates in December, has lead to a rally in Bond yields and thus the Dollar. The EUR slipped back to 1.0965, while the GBP was steady on 1.5420, awaiting a major speech from ECB President Draghi. The RBA left rates unchanged citing improving global economic conditions and lower commodity prices washing through the local economy boosting trade and prospects.
Many had expected an interest rate cut, thus the decision, prompted a rally in the AUD towards 0.7200. The NZD went the opposite direction, falling below 0.6700 on the back of a 7.4% drop in the GDT (Global Dairy Trade) index overnight. Look for local Employment data to impact the KIWI at the margins today, while the AUD could be impacted by today's trade data.
Collinson FX Market Commentary - Nov 3 - NZD sleeps after big win
Nov 3 -Equity markets booked some gains to commence a huge week of global economic data releases. China kicked the week off, with the important Manufacturing PMI remaining below the important 50% expansionary mark, reaffirming the slowing in growth.
European PMI was steady, allowing some gains in equity markets, pushing the EUR to 1.1030 and the GBP to 1.5420. Australian Manufacturing PMI dipped, but Building Approvals continued to march on, up over 21% for the year!
The AUD booked gains, pushing up to 0.7125, while the NZD slept after a big weekend. The KIWI traded 0.6830, but the local World Champions did not mind!
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