Collinson FX Market Commentary- September 3, 2013 - Chinese growth
by Collinson FX on 4 Sep 2013
Collinson FX market Commentary: September 3, 2013
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US Markets were closed for Labour Day with confidence higher as equity markets globally, rally with reduced threats of military action in Syria and Obama looking for an excuse to 'not intervene'.
This was good for markets and economic data supported rallies. Chinese PMI rose, breaking recent contractions and boosting prospects of growth. Europe followed suit with PMI rallies in Italy, Germany and the EU overall. The UK saw a major spurt in the PMI which has continued the support the GBP which has rallied back to 1.5530 while the single currency has slipped back to 1.3190.
Commodities reacted well to Chinese data which supported a surge in the AUD looking to test the big, big 0.9000 level once again. Housing Prices rose and Building Approvals rose 10.8% for the month and 28.3% for the year.
The RBA will influence markets, but little is expected with an election on Saturday, although commentary may give some pause. The KIWI heading towards 0.7800, with some relief amongst improving global economic conditions. Huge week to come and much of the focus will be on Central bank activity as military action prospects subside.
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