Collinson FX Market Commentary- October 29, 2013 - Federal Bank meets
by Collinson FX on 30 Oct 2013
Collinson FX market Commentary: October 24, 2013
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18ft International - Day 3, 11 September 2013 © Richard Gladwell www.photosport.co.nz
The Fed meets for two days tonight and the outcome will be keenly awaited with Central Bank stimulus the main driver of equity bubbles.
Some have suggested that the weak economic data may prevent the introduction of Fed tapering but now a few are suggested enhanced monetary stimulus!
The 'all in' monetary policy would also be attractive to the doves of which nominee, Yellen, is certainly one. US Industrial and Manufacturing Production was mixed and the Dallas Fed Activity reported a decline in activity. Exisiting Home Sales also declined, by a further 5.6%,providing further evidence of a softness in the housing market despite record low interest rates.
The Dollar stabilised momentarily, with the EUR trading below 1.3800 and the GBP 1.6150. Risk currencies were steady with the AUD 0.9550 and the KIWI trading just below 0.8300. All eyes will be on the Fed and other Central bank activity, including the mighty RBNZ, which may offer a surprise!
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