Collinson FX Market Commentary- July 24, 2013 - KIWI looking stromg
by Collinson FX on 24 Jul 2013
Collinson FX market Commentary: July 24, 2013
http://itunes.apple.com/app/collinsonfx/id533360650?mt=8!Click_here to find out how to get CollinsonFX's free iPhone app
Elliott 5.9’s - 2013 Auckland Cup, Day 3 © Richard Gladwell www.photosport.co.nz
Equity markets hit new record highs in the US as the Feds QE Infinity continues to pump endless monetary stimulus, flooding Wall Street. There was little in the way of news releases with headline House Prices rising by 0.7% which was enough to boost equities to record highs and continue the strong demand for commodities.
The AUD has been a major beneficiary of recent gains reclaiming losses and testing 0.9300. The KIWI has also taken advantage, moving towards the psychological 0.8000 and looking strong with some important local trade data likely to give some lead on the external state of the trading nation.
In the US, the Richmond Fed Manufacturing Index declined, continuing the woes of this sector, but this was largely ignored in the equity rally.
Earnings have been mixed this season but all await Apple today, which has the ability to move the markets on its own!
Collinson FX market Commentary: July 23, 2013
Gold rallied strongly with the market realisation that Bernanke had no short term ambitions to end QE infinity.
The Dollar ebbed in conjunction, pushing the EUR up to 1.3180 and the GBP surged to 1.5350 with the Brits ecstatic over the prospect of a new Royal, Cricket ,T de F and anything but the economy. In the US, summer markets continue to trade thinly and await some big news.
They were quiet to open the week with Existing Home Sales falling 1.2% which missed expectations and is the first data release around this leading index. The Chicago Fed's National Activity Index also contracted with little good news but the Fed holds the equity market steady.
Energy prices drifted lower while metals rose with demand. The AUD caught the bounce and received an extra boost from the decline in the USD. The AUD moved back to 0.9230 and the KIWI is approaching 0.7950.
No scheduled Central Bank commentary allows the markets to absorb economic data releases and US earnings.
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/112370