Collinson FX Market Commentary - April 5

Collinson FX Market Commentary - April 5 - Red faces all around

by Collinson FX on 6 Apr 2016

Natalia Kosinska will train for three weeks with the China’s and Brazilian RS:X Olympic representatives, Takapuna, March 31 2016 Richard Gladwell www.photosport.co.nz

Collinson FX Market Commentary - April 5, 2016 - Red faces all Click here to find out how to get Collinson FX's free iPhone app

There were no surprises in markets to open the new week although European employment drifted back to 10.3% (which is considered strong and improving!!).

The major scandal engulfing markets was the 'Mossack Fonseca' financial fracas embarrassing banks and some wealthy individuals. This is a company that set up shell companies to protect wealthy individuals (many leaders and criminals) with the full knowledge of some leading global banks. It has sent many running for cover while the media determine the full implications.

The EUR held 1.1400, while the GBP traded 1.4260.

Commodity currencies fared worse, with the AUD drifting back to 0.7600, while the NZD slipped all the way back to 0.6820. The lack of economic data will be rectified tonight with reserve bank influence coming to the fore as the week progresses.

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