Collinson FX Market Commentary- August 27, 2013 - NZ numbers not good
by Collinson FX on 28 Aug 2013
Collinson FX market Commentary: August 27, 2013
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Fimms go head to head - Day 4, Oceanbridge Sail Auckland 2013 © Richard Gladwell www.richardgladwell.com
The Feds tapering program is again under scrutiny with data dependence the determinant and deteriorating economic reports conflicting with the introduction. Durable Goods Orders fell 7.3%, more than expected, and does not bode well for the Feds perception of the economic recovery and thus the reduction of QE Infinity.
The Housing data tonight will be a litmus test and any erosion of confidence may delay further talk of reduction in stimulus. The Dallas Fed Activity reported an improvement but economic data will be crucial during this week.
The EUR remained steady at 1.3375 and the GBP 1.5575. Commodities continue to drift and weakening trade data in NZ has confirmed a growth in Imports without any corresponding rise in Exports. The extension of credit and a booming Housing Market may be driving the consumer but reversing recently improving trade numbers.
The KIWI trades 0.7830 and below 0.8700 in the cross with the AUD. The AUD has held 0.9000 and awaits directional impetus from the US Central Bank.
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