Collinson FX: December 3 - Australian GDP jumps more than expected

by Collinson FX 3 Dec 2020 05:15 PST 19 November 2020

Northerner - Mahurangi Regatta - Classic yachts - January 2020 - Mauhrangi Harbour © Richard Gladwell / Sail-World.com

Collinson FX: December 3 - Australian GDP jumps more than expected

The UK FTSE was the only major bourse in Europe to rally overnight, boosted by the approval for release of the Pfizer-BioNtech vaccine, next week. The EU/UK post-Brexit trade deal negotiations continue to drag on, damaging both sides, with a compromise likely. The extent of the trade-offs will determine the value of any final settlement and this will not be known until details are released. The Dollar continues to decline, with the EUR hitting 1.2100, while the GBP traded up to 1.3360, supported by vaccine news.

Australian GDP jumped more than expected, 3.3% for the quarter and reduced the annualised contraction to 3.8%. This is a strong number, which could have been so much better, had not the second City of Melbourne been shut unnecessarily. The US added 307,000 private sector jobs, according to the ADP Jobs report, which missed expectations, while another fiscal stimulus was shot down in the Senate. The Fed Chairman Powell warned of ‘extraordinary uncertainty’ in the US and global economic outlooks.

Markets continue to ebb and flow as we head into the holiday season. Economic conditions are still threatened by the political restrictions imposed to combat the virus. Equities have been supported by a massive and unprecedented amount of monetary stimulus and vaccine prospects. Political power wielded by Governments, enabled by the virus across the West, are trumping economic activity and will be reflected in economic data.

Catch the new look Collinson FX website at www.collinsonco.com

Disclaimer: The details expressed in this website and accompanying documents or transmissions are for information purposes only and are not intended as a solicitation for funds or a recommendation to trade. Collinson Forex Ltd accepts no liability whatsoever for any loss or damages suffered through any act or omission taken as a result of reading or interpreting any of the information contained or related to this site

Countries: | NZ: 0800 338 838 | AU: 1800 143 415 | NY: 1888 6257 833 | UK: 0800 0285 834 |

Related Articles
Collinson FX: Apr 11: US interest rates to drop
The RBNZ left rates unchanged in NZ, but talked a big game, about holding rates higher The RBNZ left rates unchanged in NZ, but talked a big game, about holding rates higher and squeezing out inflation. This has the desired impact on the NZD, which initially pushed upwards, but the news from the US on inflation, destroyed that narrative. Posted on 11 Apr Collinson FX are at the Hutchwilco Boat Show
Collinson Forex, a prominent financial services company, is at the Hutchwilco NZ Boat Show Collinson Forex, a prominent financial services company, is making a notable presence at the NZ Boat Show in Auckland from the 18th-21st of May, demonstrating their commitment to the industry. Posted on 19 May 2023 Collinson FX: Jan 20: No change with PM's exit
The NZ ‘PM of Aotearoa' resigned yesterday, which had little impact on the currency. The NZ ‘PM of Aotearoa' resigned yesterday, which had little impact on the currency, as this will have little impact on the NZ economy. Posted on 19 Jan 2023 Collinson FX: Dec 5 - Risk appetite rallies
US Federal Reserve Chairman confirms the rate of future interest rate rises may slow US Federal Reserve Chairman confirms the rate of future interest rate rises may slow, as early as December. Posted on 5 Dec 2022 Collinson FX: Sept 30 - A finger in the dyke
Inflation remains the big problem haunting Central banks across the Western world The Bank of England in an effort to combat the reckless unfunded UK Government's fiscal spendathon mini-budget, kept bond yields lower but is a finger in the dyke. AUD crashed back to 0.6450, while the NZD plunged to 0.5650 Posted on 29 Sep 2022 Collinson FX: June 15 - 'Bear' territory
Markets are crashing across the Western world, with equities charging into ‘bear market' territory Markets are crashing across the Western world, with equities charging into ‘bear market' territory, while crypto's collapse. Posted on 14 Jun 2022 Collinson FX: June 14: Equity markets routed
The rout on equity markets continued overnight, to open the new trading week and spread The rout on equity markets continued overnight, to open the new trading week and spread to bond and currency markets Posted on 13 Jun 2022