Collinson FX market Commentary: January 29, 2013
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Markets opened the new week lower with corporate earnings steady and some weaker housing news. The flat open to the week may just be a break in the rally January has developed. In the US, Pending Home Sales fell 4.3% contradicting the housing bulls and confounding market analysts. The sheer size of the housing surplus and weak demand would prevent any sudden and effective turn-around.
Durable Goods Orders jumped 4.6% which is good news and a positive from the consumer. The EUR continues to trade strongly at 1.3450 after the currency wars continue. The Japanese are intent on boosting their flagging export markets by diluting the Yen causing consternation in Europe and the US. The US and Europe have flooded their own markets in liquidity to gain an export advantage and stimulate growth so have little to complain about.
The currencies greatly effected are the AUD and KIWI who remain hugely disadvantaged and has been reflected in the strength of the currencies. The AUD has come off highs but still trades over 1.0400 after renewed floods in Queensland and NSW will preoccupy markets when they re-open after the Australia Day Holiday.
The KIWI begins the week 0.8315 with poor economic performance not being fully included in currency calculations due to Global Monetary largesse. Markets will continue to be driven by Central Banks and Political/fiscal ineptitude. Economic performance will be gauged by data and expectations cannot be high!?
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by Collinson FX - 11:26 AM Tue 29 Jan 2013 GMT
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