Collinson FX market Commentary: March 18, 2013
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Consumer sentiment brought the market back to earth as the unprecedented rally came to a close. It appears traders on Wall Street are far more confident than the US Consumer. Sentiment fell to 71.8 from 77.6 with the impact of rising payroll taxes and increasing discovery on Obamacare costs.
The almighty consumer is the major driver of the US domestic markets and thus the economy.The Dollar suffered accordingly pushing the EUR to 1.3050 and the GBP approaching 1.5100. The massive Bull run may continue to unfold in the coming week sailing into uncharted waters with only technical chart levels to target. This week will focus on the Fed and the plethora of economic releases lead by the Housing Statistics. The RBA will meet, but expectations for any action are low with the currency flying high testing above 1.0350.
The KIWI also regained 0.8245 after a week of hits emanating from the RBNZ releases earlier in the week. We have seen some earlier downward movement in the NZD & AUD rates this am with the Euro being sold off as the news of the Cyprus banks' bailouts surface.
A look at NZ GDP will be a good guide to the state of the economy but expectations should not be high.
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by Collinson FX - 9:07 AM Mon 18 Mar 2013 GMT
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