Collinson FX Market Commentary - December 12 - NZD regains some ground
by Collinson FX 12 Dec 2017 23:55 AEDT
PwC Leopard powered by Doyle Sails, Super Yacht regatta, Bermuda, June 2017 © Richard Gladwell
Collinson FX Market Commentary - December 12 - NZD regains some ground
A quiet start to the trading week was interrupted by a bomb attack in New York. A Muslim terrorist attempted to ignite a pipe bomb which was contained without any deaths.
Markets are focused on Central Banks and speculation associated with their interest rate decisions. The Fed leads the 'big three', including the ECB and Bank of England. The Fed and Bank of England are far more advanced than the ECB on the yield curve. Inflationary growth is on the move in these countries while the ECB is experiencing 'green shoots'!
The EUR managed to regain 1.1800, while the Yen traded 113.30, although rhetoric will have greater impact than the actual decision. Expectations are high for a rate rise from the FOMC, while the Bank of England has a tightening bias, so any surprise would have significant impact. The NZD regained some recent lost ground, jumping back to 0.6900, while the AUD pushed above 0.7500.
The reserve will likely dictate commodity currencies over the next few days, although local data will effect local trade.
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