Collinson FX Market Commentary- May 13, 2014 - ANZAC Currencies steady
by Collinson FX on 14 May 2014
Collinson FX market Commentary: May 14, 2014
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Equities surged to new record highs in the US, surfing a wave of confidence, lead by the Tech sector. Equities have shown recent strength, supported by Central Bank actions and commentary, and buoyant corporate earnings.
The Geo-Political situation in the Eastern Ukraine has reduced pressure on markets, although Russia recognised the hugely successful independence referendums, leaving the door open for future support. Currencies were steady with the EUR trading 1.3750 and the GBP 1.6860. US markets will be focused on the all important consumer, with the release of Retail Sales tonight, which is a major driver in the economy.
Australian markets have been pre-occupied with the intensely speculated first Liberal Budget, which comes to a welcome end, with the release today. The impact on markets may be quite positive, due to the extensive negatives anticipated, that may be relieved with the revelations. The AUD trades around 0.9350 and may be a litmus for the market's perceptions.
NZ Home Sales fell 20.2%, although prices held up, which is the desired result recent of RBNZ interest rate rises. Sustained movement will be driven by demand and supply and not Wheeler. The KIWI remained steady, trading just above 0.8600, which may be the beneficiary of the rising attraction of the carry trade.
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