Collinson FX Market Commentary – Aug 16 – NZD rallies in expectation
Equity markets continued to rally on the back of continued global QE. The Empire State Manufacturing contracted 4.2%, overnight, although economic negatives often do not translate to into stock markets.
The Japanese GDP numbers came in as static, with no actual growth, but this was not a big surprise in the global context.
The JPY was steady, trading 101.20, while the GBP slipped back to 1.2875. The NZD has rallied back to 0.7200, with anticipated rises in the Dairy Auction result, while the AUD holds around 0.7670. Look for Central Bank commentary to drive market direction as weak economic data is the new norm.
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by Collinson FX