Collinson FX Market Commentary- August 13, 2013 - AUD drops KIWI holds
by Collinson FX on 13 Aug 2013
Collinson FX market Commentary: August 13, 2013
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Mixed Multihull - Day 4, Oceanbridge Sail Auckland 2013 © Richard Gladwell www.photosport.co.nz
Equities markets remained weak, with little economic data released from local markets who are looking towards Retail Sales tomorrow and Housing later in the week. The Dollar is creeping back up, as tapering becomes a more accepted reality.
The EUR drifted back to 1.3300 and the GBP back to 1.5475. Asian markets were not overly confident after Japanese GDP missed expectations rising 2.6%, well below the 3.6% expected. Japanese Monetary stimulus has been huge and the rebuild has boosted local markets but this decline in the rate of growth is a bit of a shock and will rattle the bulls. Asian markets have been the driver of commodity demand and these declines do nothing to support resurgent associated currencies.
The AUD slipped back to 0.9150 and the KIWI held 0.8000, with some strong housing data. House Sales rose 14.7% but prices declined 0.5% in a runaway market. US markets will be looking closely at consumer demand and the impact economic news will have on Central Bank policy.
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