Collinson FX Market Commentary - Oct 24

Collinson FX Market Commentary - Oct 24 - Tasman gap widens

by Collinson FX on 24 Oct 2017

J - Class racing in Bermuda, June 17, 2017 Richard Gladwell www.photosport.co.nz

Collinson FX Market Commentary - Oct 24 - Tasman gap widens

US equities opened the week at record highs, supported by the prospect of tax reform after the budget passed through Congress. Earnings have been strong and the pre-requisite for tax reform under reconciliation is now live and real.

The Dollar is strongly supported, with the EUR trading 1.1730, while the Yen moves to around 114.00, after the landslide re-election victory of incumbent PM Abe. The Czech republic also had a victory of the right, with Billionaire Andrej Babis elected, who is likely to form a Government from the right.

This is not great news for the EU, as they form the growing anti-EU Eastern Block, from within the 27 members. This comes at a time where torrid negotiations continue, to determine Brexit and any future trade agreement.

The NZD trades at lows, holding around 0.6950, looking extremely vulnerable after the surprise formation of the left-wing Government. The AUD has drifted back to 0.7800, awaiting Consumer Confidence data today, but weakness comes from a stronger reserve.

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