Collinson FX Market Commentary- Feb 28 - Rates rise tipped for March
by Collinson FX on 28 Feb 2017
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Collinson FX Market Commentary - Feb 28 - Rates rise tipped for March
Markets were steady, to open the week, with both equities and the Dollar treading water. All the focus is on the Presidential address, to both houses of Congress, known as the 'State of the Union' in all but the inauguration year. Trump is expected to reveal his agenda over the next year, outlining plans for tax, deregulation and Healthcare reform.
The Budget will also come in to focus, with increased spending in the military, while savings may be also suggested. Trump met with the Governors and assured them of controlled Federal spending, indicating a 'lean and accountable' bureaucracy, providing more decentralisation to the States. Durable Goods Orders jumped 1.8%, while Pending Home Sales contracted 2.8%, although remained stronger annually.
The Yen traded 112.30, while the EUR pushed above 1.0600, despite weak Consumer Confidence data. The Fed are likely to raise rates in March, which should support the Dollar bull run, while equities lap up the Trump rhetoric. The KIWI holds above 0.7200, while the AUD struggles to regain 0.7700, with reserve activity likely drive
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