Collinson FX Market Commentary- April 29, 2014 - All bark and no bite
by Collinson FX on 30 Apr 2014
Collinson FX market Commentary: April 29, 2014
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Geo-Political developments worried markets, with tensions just below boiling point in the Ukraine. The Russians seem intent on destabilising the Ukraine, thus the unelected Government, in the lead up to elections. It is hard to these proceeding with the uncertainty engulfing the nation.
The US continues to talk and increase individual sanctions with little impact. All bark and no bite! This only serves to encourage US antagonists globally. Equities were mixed in a week of economic data releases highlighted by Growth and Jobs. The EUR pushed to 1.3850 and the GBP held 1.6800. Pending Homes Sales rose 3.4% for the month but remain heavily negative for the year.
Housing has been a major disappointment this year, considering the record low interest rates, thus the status of a leading indicator to the economy. The Dallas Fed Manufacturing Activity reported continued improvement in this sector emerging after the long hard winter.
The AUD traded steadily around 0,9250 in the lead up to the new Governments first budget. The KIWI was mixed, around 0.8520, with important trade data released today. This has been positive to date, in the rock star economy, but rising interest rates and currency will impact.
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