Collinson FX Market Commentary- July 22, 2014 - Europe watched
by Collinson FX on 22 Jul 2014
Collinson FX market Commentary: July 22, 2014
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Paul Snow-Hansen and Daniel Wilcox on a big day in Sail Auckland 2013 © Richard Gladwell www.photosport.co.nz
There was little in the way of economic news so markets followed Geo-Political events. The Ukrainian situation is in danger of spiraling out of control as pressure grows for increasing economic sanctions. Any sanctions imposed on Oil/Gas or Banking in Russia will have far reaching repercussions on Europe.
This is the reason for equity markets slipping in Europe while the single currency trades 1.3520 and the GBP 1.7070. The Middle East is in turmoil with the Israelis invading the Gaza strip to prevent the continuation of concerted rocket attacks on their population.
The Syrian war marches on supported by the Iranians (as is Hamas in Gaza!) and now Libya has again erupted into outright war. The march of the ISIS across Syria and Iraq completes a disastrous breakdown of civilization. A to lack of engagement of the West, especially the USA is not helping.
The KIWI was trading just below 0.8690 while the AUD holds below 0.9370. Look for local data release and Global geo-political issues to drive direction.
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