Collinson FX Market Commentary- May 6, 2014 - The week splutter-starts
by Collinson FX on 6 May 2014
Collinson FX market Commentary: May 1, 2014
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Flash from the Collinson Mobile App: RBA leave rates unchanged at 2.50% Australian dollar rises vs USD and NZD after the release
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The week spluttered to a start with no real drive from markets in the US. Chinese Manufacturing PMI was released earlier in the Asian trading day and missed expectations, coming in lower than expected, at 48.1. It was only a slight miss, but remains a contraction (under 50), thus doing nothing to support commodity demand. The AUD was slightly weaker on the news, with local Building Approvals falling 3.5%, not helping.
All eyes, in Australia, have been on market speculation over the all-important first Liberal/National Budget which is expected to be a tough one. Today markets will be keenly awaiting the RBA rate decision and the associated commentary on the Australian economic situation. The AUD is steady at 0.9275 ahead of what is expected to be a hold. The KIWI continues to outperform, trading up to 0.8660, in the face of an improving economy and the attraction of rising interest rates.
The Ukraine is heating up, with the Ukrainians attempting to regain Eastern parts from Russian revolutionaries, by military means.This situation is in extreme flux and could erupt in to all out war plunging markets into turmoil. US Non-Manufacturing beat expectations, after important improvements in Employment, and the Fed's tapering confirms an stronger economic situation. There are many risks threatening nervous markets and remember the old adage regarding May.......!
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