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Collinson FX Market Commentary - Oct 03 - Markets shocked by shooting

by Collinson FX on 3 Oct
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Market Commentary - Oct 3 - Markets shocked by shooting

US Markets were overwhelmed by the mass shooting in Las Vegas, which killed 58 and wounded hundreds, shocking markets. This is likely the work of a deranged man, rather than the plight of recent Islamic attacks, revealing evil is not confined to religious zealots.

Equity markets were surging to record levels to begin another quarter of the 'Trump effect'. The massive rally in confidence is underwritten by executive actions but requires urgent legislative tax reform. The ISM Manufacturing number came in better than expected, outperforming the PMI data from Europe, which was reflected in the Dollar.

The EUR fell back to 1.1740, while the GBP broke lower, hitting 1.3280. Splits in the 'Tory Brexit' schedule undermines confidence, as Boris Johnson advocates a hard line exit, contradicting other senior conservatives. The Japanese Tankan report was extremely bullish, citing strong Employment, confidence and Capital investment. This sets the stage for a strong electoral performance from PM Abe.

The AUD drifted to 0.7820, while the NZD tested 0.7200, on the downside. Post election negotiations are yet to commence and inaction does not provide confidence, undermining markets.

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