Collinson FX Market Commentary - Sep 4 - Kiwi under extreme pressure
by Collinson FX on 4 Sep 2017
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Collinson FX Market Commentary - Sep 3 - Kiwi under extreme pressure
Non Farm Payrolls missed expectations, 156,000 v expected 180,000, as Unemployment crept up to 4.4%. This was a disappointing number and has followed some softer economic data coming during the past week.
The University of Michigan Confidence also showed some slippage, relieving pressure on the Fed to raise rates, while the Dow regained 22,000. The softer data also lead to a release of pressure on interest rates and the Dollar. The GBP rose to 1.2950, while the EUR traded 1.1850, with flat EU PMI data releases.
The AUD held 0.7950, supported by strong commodity prices, while the NZD traded 0.7150. The NZD has been under extreme pressure, of late, as polls indicate the left wing Labour party may regain office.
The coming week is swimming in an ocean of economic data releases and Central Bank rate decisions. Central Bank commentary, accompanying the decisions, will drive local markets and the RBA will kick off on Tuesday!
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