Collinson FX Market Commentary - Oct 17 - Quiet uncertainty
by Collinson FX on 17 Oct 2017
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Market Commentary - Oct 17 - Quiet uncertainty
A quiet start to the week, with little economic data being released globally, although many Geo-Political events threaten. China CPI drifted lower, to 1.6%, hitting growth prospects and commodity demand. This translated directly in to the associated currencies, with the AUD drifting back to 0.7850, while the NZD slipped to 0.7160.The AUD awaits Consumer Confidence data this morning, while the NZD will be impacted by CPI numbers, still all awaiting a decision on the Government.
Geo-Political events threaten around the world, with Catalan independence coming to a head Thursday, while PM May heads to Europe to break the Brexit deadlock. The EUR slipped under 1.1800, while the GBP traded 1.3240, whiplashed by Brexit speculation. In the US there is always action, with Trump in charge, as he campaigns for the all-important tax reform and NAFTA re-negotiations.
The NAFTA re-negotiations are central to the Mexican and Canadian economies, thus driving their currency movements, reflecting the impact this trade agreement has on their economies. This has been the Trump trade doctrine, fair trade, which has dominated his global attitude to trade.
Local NZ trade will continue to be dominated by the 'Kingmaker' and speculation over the direction of the NZ Government?!
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