Collinson FX Market Commentary - Sep 12 - Confidence after the Storm
by Collinson FX on 12 Sep 2017
J- Class Regatta - 35th America's Cup - Bermuda June 19, 2017 Richard Gladwell
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Market Commentary - Sep 12 - Confidence after the Storm
Hurricane IRMA fizzled to a tropical storm as it continued up the US mainland. The hurricane was expected to be a 'once in a lifetime event' but this did not eventuate. The expectations were built on the back of the devastation from Hurricane Harvey that hit Texas.
This was a great relief to markets as safe haven moves unwind. Gold prices drifted and bond yields returned to normal. The Dollar rebounded strongly, with the EUR falling to 1.1950, while the Yen reverted to 109.35. The focus will now return to Geo-Political crises over North Korea and economic developments.
The Dow surged over 250 points as confidence flooded back to markets. The AUD settled, ahead of important employment data releases later in the week, while the NZD held 0.7250. A modicum of normality has returned to markets with a sense of dodging a bullet!
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