Collinson FX Market Commentary- January 22, 2013 - Europe rallies
by Collinson FX on 23 Jan 2013
Collinson FX market Commentary: January 22, 2013
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Markets were quiet to open the week with the US closed for MLK Jr Holiday and celebrating the inauguration of the second term Obama. There will be a lot of ostentatious grandeur across our screens so be prepared for meaningless platitudes and oration. The amazing platform outlined by Obama was his direction of climate change and green energy without a mention of the Debt or Deficit!
Astounding the priorities of this regime and dangerous which indicates a propensity for increased spending, borrowing and taxing. This fundamental liberal, progressive agenda has failed in the past and will fail again with apocalyptic consequences.
European markets rallied, boosted by the positive news regarding the 'Debt Ceiling' negotiations in Washington. The IMF has warned of growing holes in the Greek budget including the bailout, meanwhile Merkel lost a major election in Lower Saxony hinting at a resurgence of the left.
The EUR has held its ground trading 1.3315 although the GBP continues to slip moving down to test 1.5800. Commodities were still well bid which maintained support for the AUD at 1.0500.
The KIWI was steady at 0.8350 after the shock inflation data last week, hinting at weaker than expected recovery. All eyes will turn to the US markets when they open tonight!
Collinson FX market Commentary: January 21, 2013
Equities closed the week flat again after some good news from the GOP in the House of Representatives. The House proposed the extension of the Debt Ceiling until April 15th with a budgetry requirement from the Senate and the House.
This has supported the high levels attained from gains so far this year. News from China was positive with GDP growth moving up to 7.9% for the year. This has leant support to the associated commodities and currencies.
The AUD held 1.0500 athough the KIWI dipped to 0.8350 after an unexpected contraction in the CPI reflecting the parlous state of the economy. European markets were hardly filled with confidence after UK PM Cameron voiced concerns over the future of the EU and British participation.
The University of Michigan Consumer Confidence fell to 71.3 from 72.9, dissappointing many market participants. The coming week will continue to look at Earnings and Economic data but will not see much action until Tuesday due to MLK Junior holiday in the US!
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