Collinson FX Market Commentary - March 23 - RBA Govenor optimistic

by Collinson FX on 22 Mar 2016 Collinson FX Market Commentary - March 23, 2016 - RBA Govenor Click here to find out how to get Collinson FX's free iPhone app

Mar 23 - Markets were totally pre-occupied overnight with the terror attacks in Brussels. The GBP held 1.4200, as Manufacturing and Services PMI were steady, from France, Germany and the EU. The EUR did slip back to 1.1200 after benign CPI data confirmed further QE may be required to spur growth.

RBA Governor Stevens commented, in his latest speech, that Australia was coping with the massive collapse in commodity prices and has more latitude than most in terms of monetary tools available to Central Banks. The AUD regained 0.7600, while the NZD drifted below 0.6740, further testing the cross rate.

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Collinson FX Market Commentary - March 22, 2016 - Election threat drops AUD

Mar 22 - Markets began a holiday shortened week quietly, with no major economic data release overnight, while little has occurred on the monetary front. Easter is coming and expectations are low for any major dramas in equities or currencies.

The Dollar regained some balance, with the EUR falling to 1.1250, while the GBP slipped below 1.4400. The UK Government was rocked by a ministerial resignation although this was associated with cuts rather than the topical 'Brexit'. Commodity prices drifted, to open the week, taking the shine out of recent gains in the associated currencies.

The NZD dipped to 0.6750, while the AUD ceded 0.7600, as PM Turnbull threatens an early 'Double Dip' election. This is becoming a more and more likely scenario!

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