Collinson FX Market Commentary- October 22, 2012 - Markets take a bath
by Collinson FX on 23 Oct 2012
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Collinson FX market Commentary: October 22, 2012
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2012 Coastal Classic - Crusader’s crew gets a wet ride out of the Rangitoto Channel © Richard Gladwell http://www.richardgladwell.com
Markets continued to retreat after Fridays big falls. In Europe, Spanish regional elections have done little to impact the EUR which traded 1.0350 and the GBP 1.6000.
Eurozone Debt to GDP rose to 87.3% which is closing fast upon the magical 100% which has lead to many individual national crises. In the US, markets were lower after further weak Corporate earnings and confidence on the slide. The focus is on the fast approaching Presidential Elections and the final Presidential debate overnight.
In Asia the mood was set with deteriorating Trade data from Japan with Exports declining over 10% and Imports on the rise.
In Australia, the Government has released a mid-year Budget update early to avoid inclusion of declining revenues form an economy impacting by falling global demand. The AUD held 1.0300 after the announcement, although does look vulnerable to the Global instability. The KIWI continues to trade around the 0.8150 levels.
Focus today will be political in Europe and especially the US!
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