sail-world.com -- Collinson FX Market Commentary: July 2, 2013 - US markets continue up

Collinson FX Market Commentary: July 2, 2013 - US markets continue up    

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Collinson FX market Commentary: July 2, 2013

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US equity markets continued to rally after positive economic data embraced the economy. The important ISM Manufacturing report broached the significant 50 level, rising from 49 to 50.9, and Construction spending also rose, boding well for the US economy. Bond yields settled as economic data had a positive impact with the Fed taking a back seat. Earlier mixed news from Asia, with the Chinese Manufacturing PMI drifting lower, although the important Japanese Tankan report revealed big improvements in large Manufacturing. European PMI was mixed with rises in Italy and France but a fall in Germany. Unemployment pinched higher from 12.0% to 12.1%.

The Dollar was steady against the single currency holding above 1.3050 and the GBP 1.5215. US markets are interpreting positive news coherently so far this week but will follow the Employment reports closely. Commodities rose and this was reflected in the associated currencies with the AUD rebounding to 0.9225 and the KIWI just under 0.7800.

The RBA rate decision will be focal, with a slant towards loosening in the language, but expectations for actual rate cuts are low. Language from the ECB and B of E will be crucial later in the week and any observations by Fed members will be important.

Employment data in the States will be critical to market moves for the remainder of a shortened, holiday week in the US.

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www.collinsonfx.com and www.collinsonwealthmanagement.com

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by Collinson FX
- 3:05 PM Tue 2 Jul 2013 GMT



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