Collinson FX market Commentary: February 15, 2013
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Markets were quiet Monday as the US was closed for Presidents Day holidays. European Markets drifted lower with the EUR down to 1.3350 and the GBP 1.5465 after dovish comments from ECB President, Draghi. He observed that the EU's recovery remained weak and inflation was now falling below 2% as growth contracts at an alarming rate. Italian elections, due in a week, also hold the promise of further uncertainty and thus Bond yields look to be on the rise.
The AUD traded below 1.0300 with New Vehicle Sales falling for the month and Political turmoil continuing in election year. A new challenge for the Labor Government leadership appears in the offing as Gillard crashes in the polls.
The KIWI held on to strong levels around 0.8450 after G20 assurances of an end to the 'currency wars'! Market action is likely to heat up as the Chinese return to the fray and the US react to a short week of data release.
Inherent problems surround Europe and deficit/debt issues are consuming the US and Europe. Instability politically and weak economic growth does not bode well for near term prospects.
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by Collinson FX - 6:01 PM Mon 18 Feb 2013 GMT
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