Sail-World.com : Collinson FX Market Commentary: July 23, 2012 - KIWI drops under 0.80c
Collinson FX Market Commentary: July 23, 2012 - KIWI drops under 0.80c
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Collinson FX market Commentary: July 23, 2012
Equity markets gave up some of the week's gains after more fears over the European debt crises spread across global markets. The focus remains on Spain as EU Finance Ministers approved the Bail Out package for Spanish Banks.
The lack of EURO's seems to spook markets in the more traditional banking run scares. Valencia has indicated it will seek Government Bailout and now the focus will be on the necessity for an additional Sovereign Bail Out. The Greek debacle will also return to the fore with further bailout advances due in August and their failure to meet austerity requirements. The departure of Greece from the Euro may release some pressure although the fundamental dis-functionality remains.
China has indicated intervention to prevent real estate speculation with the economic slowdown now looking to prick the bubble. US Markets fell with little economic news allowing the focus to revert to Europe.
Commodities drifted lower with demand pushing the AUD back to 1,0370 and the KIWI back under 0.8000. The EUR continued lower to 1.2160 after the Spanish 10 year bonds hit 7.27% threatening the very existence of the single currency.
Markets will remain attentive of the EU debt crises while looking closely at US Housing and GDP growth.
For more on Collinson FX and market information see:
www.collinsonfx.com and www.collinsonwealthmanagement.com
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by Collinson FX
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12:17 AM Mon 23 Jul 2012GMT
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