Collinson FX Commentary: Jan 12

Collinson FX Commentary: Jan 12 - Oil lifts to $70

by Collinson FX 12 Jan 2018 04:02 PST 13 January 2018

Collinson FX Commentary: Jan 12 - Oil lifts to $70

Global growth is demand and this has been reflected in commodity prices. Brent Oil hit $70/barrel and looks set to be an indicator of global demand. US corporate earnings are expected to profit from the growth and the tax cuts, which should provide further investment and profitability.

The cyclical downturn, which is due, may have been averted by the intervention of US tax reform!? We shall see. EU Industrial Production rose 3.2%, which is 'the rising tide lifts all boats theory' of prosperity, reflected globally.

The US Dollar drifted again, with the EUR jumping back above 1.2000, while the Yen moved to 111.35. Commodity currencies have been major beneficiaries, with the AUD heading towards 0.7900, while the NZD surged to 0.7240. Sentiment is high in markets to open 2018.

- J-Class Regatta - Bermuda, June 2017 - photo © Richard Gladwell www.photosport.co.nz

Collinson FX Commentary: Jan 10 - KIWI holds high

Equities surged again to record highs as corporate earnings start to arrive for the New Year. Expectations are high for US companies as tax cuts come in to play in the coming quarter. The Bank of Japan surprised markets by reducing its 'Bond Buying' program, lending support to the currency, with the Yen moving to 112.50.

The Dollar continued to book gains against other currencies, despite strong local data from Europe. German Trade continued to expand, with growth in both exports and imports, driving stronger Industrial Production (+3.4%). EU Unemployment remains challenged and static, while the EUR slipped back to 1.1925 and the GBP to 1.3525.

Surging Australian Building Approval numbers (+11.7%) failed to halt the slide in the AUD, which tests 0.7800, while the NZD held above 0.7150. Economic data has been positive, while sentiment is surging in global markets, so expectations remain high

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