Collinson FX: Nov 21, 2019 - US markets continued to drift aimlessly

by Collinson FX 21 Nov 2019 03:52 PST 22 November 2019

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Collinson FX: November 21, 2019 - US high as NZD retreats

US markets continued to drift aimlessly, with little substantial global economic data releases to drive direction, allowing the reversion back to speculation over the US/China trade agreement. Market sentiment is driven by the negative/positive speculation over ‘Phase One’ US/China trade agreement. US equity markets continue to trade close to record highs in the USA, supported by strong domestic data and accommodative monetary policy. US markets await the release of the Fed minutes, which should outline the thought process behind the Fed’s 0.25% cut back to the range 1.5%-1.75% and may hint at a pause in cuts. The EUR slipped back to 1.1060, while the GBP rose above 1.2900, as the Conservative lead in the ‘Brexit’ election polls.

The AUD fell back below 0.6800, impacted by negative speculation over the US/China trade deal and challenging local economic conditions, while the NZD managed to hold on to 0.6400. The AUD has been damaged by the RBA and their dovish monetary policy, while holding rates at their last policy meeting, the latest RBA minutes revealed an easing bias continues. US/China trade speculation continues to drive macro market sentiment and direction.

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