Collinson FX Market Commentary- July 9, 2013 - Aussies rebounding
by Collinson FX on 9 Jul 2013
Collinson FX market Commentary: July 9, 2013
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Markets continued to feed off last weeks positive Jobs data from the US and equities continued to rally strongly. European markets fed of the US lead despite weaker German Industrial Production and falling EU Investor Confidence. Positive news from Greece and Portugal also added to confidence and the EUR stabilised at 1.2875 and the GBP 1.4960. US Markets continued to rally strongly with Alcoa kicking off the earnings season this week.
The stronger Jobs data and acceptance of controlled tapering from the Fed has added to confidence prevailing in the US economic recovery. This has allowed the safety play to settle the Dollar and Bond Yields have also calmed recent spikes. Commodities rebounded and so did the associated currencies with AUD rebounding to just over 0.9100 despite Job Ads falling and unemployment on the rise.
Domestic data is certainly secondary in cause/effect on the currency. Employment is set to deteriorate in line with recent economic domestic data. The KIWI also recovered from the lows to test 0.7800 with local House Sales and Prices flattening out. Central Banks will continue to dictate market direction although local data and US earnings will also have impact.
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