Collinson FX Market Commentary - May 3 - Kiwi gets good support
by Collinson FX on 4 May 2016
Peroni (AUS) - Race 2 - Day 4 - ANZAC 18fters - April 2016 Richard Gladwell
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Collinson FX Market Commentary - May 3 - Kiwi gets good Click here to find out how to get Collinson FX's free iPhone app
May 3 - Equities rallied to open May, contradicting the age old adage, 'Sell in May, go away!'. ISM Manufacturing data in the US was softer, following the Chinese lead, in line with expectations. The Dollar did not find any support, with the EUR hitting 1.1500, while the JPY traded 106.50!
Commodity currencies also found some heart, reflecting the weakness in the reserve, with the NZD testing 0.7000. The KIWI has found substantial support, since the RBNZ decided to resist the temptation to cut rates! The RBA has its turn and resist it may!?
There is a possibility that the RBA will leave rates unchanged, but after the examples of the Bank of Japan and the RBNZ, they may take the plunge?! Time will tell!
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