Collinson FX: April 3 - Tech shares rally

by Collinson FX 2 Apr 2018 20:27 PDT 29 March 2018

Day 2, Bay of Islands Sailing Week, January 25, 2018 © Richard Gladwell

Collinson FX: April 3: Tech shares rally

Western Markets closed for the long Easter break on a high after a challenging month and quarter. Tech shares rallied strongly to close out the quarter on a positive after Facebook announced further measures to address members data security issues. Amazon is a behemoth and has made CEO, Jeff Bezos, the wealthiest man in the US. His war against Trump, via the conduit of the Washington Post, is now facing return fire. Bezos is playing with fire.

European economic data was steady, but insipid and the threat of a trade war has temporarily subsided. EU inflation was 1.6%, while Unemployment was high, but steady. The EUR retreated back to 1.2300, while the GBP held above 1.4000. UK GDP was steady, while the current account reflected huge trade deficits, although Brexit is now less than a year away! The positives of release from the Socialist Bureaucracy, that is the European experiment, will be salvation.

Commodity prices remain bid, but the rising reserve, continues to adversely impact the associated currencies. The AUD fell back below 0.7700, while the NZD retreated to just above 0.7200. The RBA will announce inaction after the Easter break, but markets will keenly await the associated rhetoric, giving insight to the Australian economy and their interaction with the global economy.

Another short week, due to the Easter Holidays, is the beginning of a new quarter and will be greeted with an avalanche of new data. Equities have been vulnerable with many pressures from the Tech sector and US Trade policy. This coming week will see the US earnings season, post Tax cuts, which should encourage equity markets.

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