Collinson FX Market Commentary - Oct 5 - Dr Phil says more of the same
by Collinson FX on 4 Oct 2016
Auckland On The Water Boat Show - Day 3 - October 1, 2016 - Viaduct Events Centre Richard Gladwell
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Collinson FX Market Commentary - Oct 5 - Dr Phil says more of the same
Equities in Europe managed to book some gains, despite the threats hanging over the local banking sector, posed by the Deutsche Bank crises evolution.
The Brexit trigger had a big impact on the GBP and a spike in the Dollar added to recent woes. The GBP fell to 1.2740, despite improving economic data, while the EUR held 1.1200. US Construction contracted 0.7%, while the ISM Manufacturing Index rose, sending mixed messages to the market. US Equities contradicited European markets, falling as the Dollar gained ground.
The RBA left rates unchanged, under the newly appointed Governor (Dr Philip) Lowe, who embraced continuity in words and action. The AUD was steady until the rising reserve hit the currency overnight. The AUD fell to 0.7620, while the NZD looks to test 0.7200, aided by a weaker Dairy auction.
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