Collinson FX market Commentary: July 2, 2013
Click here to find out how to get CollinsonFX's free iPhone app
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.
For more on Collinson FX and market information see:
www.collinsonfx.com and www.collinsonwealthmanagement.com
Countries: | NZ: 0800 338 838 | AU: 1800 143 415 | NY: 1888 6257 833 | UK: 0800 0285 834 |
Disclaimer: The details expressed in this website and accompanying documents or transmissions are for information purposes only and are not intended as a solicitation for funds or a recommendation to trade. Collinson Forex Ltd accepts no liability whatsoever for any loss or damages suffered through any act or omission taken as a result of reading or interpreting any of the information contained or related to this site.
by Collinson FX - 2:05 PM Tue 2 Jul 2013 GMT
Click here for printer friendly version
Click here to send us feedback or comments about this story.
If you want to send this story to a friend, please use link below
Based on your current download speed Sail-World has delivered large images (660 pixels long side.) If you would like to see only small images (300 pixels long side) click here . For medium sized images (500 pixels long side) click here . If you would prefer to see text only (without pictures) click here
Click for further information on
2011 Collinson & Co
Related News Stories: