Collinson FX Market Commentary- May13, 2013 - ANZACs take a bath
by Collinson FX on 13 May 2013
Collinson FX market Commentary: May 13, 2013
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240313AucklandRegattaDay3 (74) - 2013 Auckland Cup, Day 3 © Richard Gladwell www.richardgladwell.com
US Equities closed on a new record high compliments of massive liquidity flooding markets looking for a return. The US Dollar surged again as a result of relative confidence in the US recovery vis-a-vis the other Economic Zones.
The EUR slipped below the psychological 1.3000 and the GBP floundered to 1.5350. Commodities took a bath as a result of the surge in the USD and perhaps a reflection of softening demand.
Consequently the associated currencies suffered with the AUD breaking parity and the KIWI under 0.8300. May rolls on without any adversity in the Equity markets with New Yorkers declining the opportunity for a holiday!
A quiet week in terms of economic data will be followed by a very busy week coming. Growth numbers in the EU and Inflationary data will be a guide to the state of any recovery in the 'submerging nations'!
The US will have a close look at the vital Housing sector and the consumer with Retail Sales releases. A very busy week so be prepared for some volatility especially with the currencies perched on some very suspect technical levels!
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