Collinson FX Market Commentary - Oct 31 - NZD stays steady
by Collinson FX on 30 Oct 2017
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Collinson FX Market Commentary - Oct 31 - NZD stays steady
US equity markets opened softer for the week after rumours of a phased in corporate tax cut. The major political story for the week, was the indictment of a former Trump campaign manager, Paul Manafort. The charges relate to 10 year old actions and confirms the nature of the Mueller investigation, which has spread far from the original investigation, inferring there was little basis to the Russian collusion.
US Personal Income and Spending was steady, while EU Consumer Confidence remained negative, further confirming the relative economic space the respective zones are in. The EUR holds above 1.1600, while the GBP regained 1.3200, in a challenged single market. Growth remains weak, with German CPI dipping to 1.6% p.a., after the latest measure was 0.0%!
The NZD was steady, trading around 0.6850, while the AUD remains under pressure. The fallout from the loss of the deputy PM, after eligibility issues, has taken the AUD to 0.7650. The loss of a majority in Parliament and continued flagging poll numbers have hit confidence.
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