Collinson FX Market Commentary- October 30, 2012 - Sandy shuts US
by Collinson FX on 30 Oct 2012
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Collinson FX market Commentary: October 30, 2012
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Markets closed in the US as the Super-Storm Sandy makes its way up the East Coast of the US spreading mayhem.
The storm has closed financial markets and will probably remain closed until the passing allows a return to normality and a clean-up operation can begin. This has not only disrupted the financial markets but forced the culmination of the Presidential Election campaign to alter course.
In Europe markets drifted lower as authorities continue to debate the Greek bailout with Labour reforms now a question vigorously contested along with debt write-off. The overwhelming debt levels will demand debt write-off as the budget will not service the current levels. Authorities do not want to address this issue as it debunks the argument for the bailout in the first place.
The funding of Greece was portrayed as a series of loans to transition Greece to a viable functioning EU member. The EUR traded around 1.2900 and the GBP 1.6025 with members addressing the EUR$1 Trillion budget and attempting cuts of EUR$50 Billion.
It is astounding that these bureaucrats have a budget this size on top of and in addition to all member National Budgets!?!?.
Antipodean currencies dragged into the boredom with not much movement,AUD/USD 1.0300 & NZD/USD .8155.
The markets will remain static while the weather overwhelms the US with a focus on employment later in the week and the crescendo of the Presidential elections.
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