Collinson FX Market Commentary - Sept 28 - USD weakens as others gain

by Collinson FX on 28 Sep 2016

- Final RNZYS Winter Race - September 10, 2016 Richard Gladwell www.photosport.co.nz

Collinson FX Market Commentary - Sept 28 - USD weakens as others gain

Sept 28 - Equities turned positive overnight, fired by some lethargic economic data. reinforcing the economic narrative. New Home Sales in the USA contracted 7.6%, while the Richmond Fed Manufacturing Activity Index fell 3.7%, confirming support for the Fed expansionist monetary policy.

This did little for the Dollar, as the EUR jumped to 11220, while the GBP regained 1.3000! The reserve weakness enabled the KIWI, which jumped back towards 0.7300, while the AUD broke above 0.7650. Economic data confirms Central Bank speculations and realities.

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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