Collinson FX Market Commentary - Sept 27 - Oil Production cuts?
by Collinson FX on 26 Sep 2016
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Collinson FX Market Commentary - Sept 27 - Oil Production cuts?
Sept 27 - Questions over the international banking sector came to the surface overnight, with doubts about the mega-bank, Deutsche. Problems of capitalisation are again under scrutiny, impacting other financial global institutions, as connection is global.
OPEC met, with the addition of Russia, while Saudi Arabia and Iran promoted production cuts. This boosted the Oil price, dragging energy prices north, but failing to support other commodity prices. US New Homes Sales plunged 7.6%, while the Dallas Fed Manufacturing contracted 3.7%, confirming recent weak economic data.
The NZD was under pressure, with speculation of RBNZ cuts, adding to worrying trade data. The trade deficit widened, with a rise in Imports and a fall in Exports, spurred by the overvalued KIWI. The NZD fell to the low 0.72's, but regained some ground overnight, to trade above 0.7250. The AUD held firmly above 0.7625 pushing the trans-tasman cross. The EUR has reacted to a weaker reserve, settling around 1.1250, while the GBP consolidates below 1.3000.
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