Collinson FX Market Commentary - July 5

Collinson FX Market Commentary - July 5 - A vanilla report

by Collinson FX on 5 Jul 2017

Shamrock V - J- Class Regatta - 35th America's Cup - Bermuda June 19, 2017 Richard Gladwell www.photosport.co.nz

Collinson FX Market Commentary - July 5 - A vanilla report

Markets were quiet overnight, with the US closed for July the 4th, Independence Day holiday. Currencies hardly moved, as the EUR traded 1.1350, while the GBP drifted back toward 1.2900. The RBA left rates unchanged, as expected, re-affirming extremely loose monetary policy.

The associated commentary was vanilla, citing poor wage growth, leading to low consumer demand and growing risks on debt levels. The Central Bank did confirm that the local economy was expected to gradually improve but avoided any bullish language that could lead to speculation of a hawkish bias. They were successful, with the AUD falling back to 0.7600, while the KIWI slipped below 0.7300.

Markets should trade with new fervour when the US markets reopen this evening. There will be a sea of global economic data releases to drive markets with the USD rebound likely to be tested.

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