Collinson FX Market Commentary - April 7 - Dairy Auction rise lifts NZ

by Collinson FX on 7 Apr 2016 Collinson FX Market Commentary - April 7, 2016 - Diary Auction rise lifts NZD Click here to find out how to get Collinson FX's free iPhone app

April 7 - Equity markets rallied overnight but was tempered by the release of the FOMC minutes. The minutes revealed caution from Fed members with regards telegraphed interest rate rises. This comes as no surprise considering Yellen's comments last week.

The confirmation of continued QE did little to assist the much maligned Dollar. The EUR traded 1.1400, after the release of a contraction in German Industrial Production, while the GBP held 1.4120. The NZ Dairy Auction showed a rare rise, but was at the margin, allowing the NZD to settle above 0.6800.

The AUD is poised below 0.7600, after RBA efforts to take the heat out of rises, but jawboning is not enough in the face of global currency wars. Central a Bank speculation remains the major driver of monetarily corrupted markets.

Collinson FX Market Commentary - April 5, 2016 - Red faces all around
April 5 - 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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