Collinson FX Market Commentary- August 19 2014 - ANZAC gap widens

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Collinson FX market Commentary: August 19, 2014

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US Equity markets surged, after gains the previous week, reflected growing confidence in the global Geo-Political situation. Russian-Ukrainian talks began over the weekend, in a search for a solution, while aid convoys still wait. The ceasefire in Gaza is holding and this makes for a relatively quiet period thus boosting market confidence.

The shock of a contraction in German growth has led to expectations that the ECB will further boost stimulus thus supporting equities but not assisting the maligned single currency. The EUR dipped to 1.3350, while the GBP rallied to 1.6730, reflecting currency independence. Jackson Hole commences this week, in Wyoming, in a gathering of Bankers which has led to Central Bank policy changes in the past. It is worth monitoring with important appearances from ECB President Draghi and Fed Chairman Yellen.

House Prices in the US rallied, contradicting recent data, further adding momentum to markets. The AUD consolidated above 0.9300, with interest focused around the release of the RBA minutes that may reveal some insight into the Central Bank strategy. The KIWI is trading around 0.8470 and has an inflation report from the RBNZ to consume, which may influence monetary policy, ergo the NZD.

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