Collinson FX Market Commentary- January 29, 2013 - Flat Opening
by Collinson FX on 29 Jan 2013
Collinson FX market Commentary: January 29, 2013
http://itunes.apple.com/app/collinsonfx/id533360650?mt=8!Click_here to find out how to get CollinsonFX's free iPhone app
Thelma - 2013 Mahurangi Regatta © Richard Gladwell www.richardgladwell.com
Markets opened the new week lower with corporate earnings steady and some weaker housing news. The flat open to the week may just be a break in the rally January has developed. In the US, Pending Home Sales fell 4.3% contradicting the housing bulls and confounding market analysts. The sheer size of the housing surplus and weak demand would prevent any sudden and effective turn-around.
Durable Goods Orders jumped 4.6% which is good news and a positive from the consumer. The EUR continues to trade strongly at 1.3450 after the currency wars continue. The Japanese are intent on boosting their flagging export markets by diluting the Yen causing consternation in Europe and the US. The US and Europe have flooded their own markets in liquidity to gain an export advantage and stimulate growth so have little to complain about.
The currencies greatly effected are the AUD and KIWI who remain hugely disadvantaged and has been reflected in the strength of the currencies. The AUD has come off highs but still trades over 1.0400 after renewed floods in Queensland and NSW will preoccupy markets when they re-open after the Australia Day Holiday.
The KIWI begins the week 0.8315 with poor economic performance not being fully included in currency calculations due to Global Monetary largesse. Markets will continue to be driven by Central Banks and Political/fiscal ineptitude. Economic performance will be gauged by data and expectations cannot be high!?
For more on Collinson FX and market information see:
www.collinsonfx.com and www.collinsonwealthmanagement.com
Countries: | NZ: 0800 338 838 | AU: 1800 143 415 | NY: 1888 6257 833 | UK: 0800 0285 834 |
Disclaimer: The details expressed in this website and accompanying documents or transmissions are for information purposes only and are not intended as a solicitation for funds or a recommendation to trade. Collinson Forex Ltd accepts no liability whatsoever for any loss or damages suffered through any act or omission taken as a result of reading or interpreting any of the information contained or related to this site.
If you want to link to this article then please use this URL: www.sail-world.com/106079