Collinson FX Market Commentary- April 8, 2014 - Equities Alarm bells
by Collinson FX on 9 Apr 2014
Collinson FX market Commentary: April 8, 2014
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Melinda Henshaw, NZ Womens Nationals 2014 Richard Gladwell www.photosport.co.nz
Equity markets were sounding the alarm bells, as they crashed again, threatening all the year's gains. The NASDAQ lead the charge lower, this contradicts market bulls, who have promoting the growing recovery across the US economy.
There were no major US economic data releases overnight, so Friday's gloomy sentiment continued. The Dollar will continue to weaken, without any fundamental economic support, with the likelihood of continued dilution of the currency if the Fed stalls tapering.
The EUR rallied back to 1.3740 and the GBP broke back to 1.6600. Japan and Australia have signed a new trade agreement reducing tariffs and promoting trade. This had little immediate impact on the currency although must be good for economic growth prospects in both countries.
The AUD drifted to 0.9260 although NZ House Prices confirmed strong domestic demand pushing the KIWI back to just under 0.8600.
Close attention will be paid to economic data release this week and the impact this has on Monetary Policies.
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