Collinson FX market Commentary: August 26, 2014 Click here to find out how to get CollinsonFX's free iPhone app
The S&P topped 2000, for the very first time overnight, with equities eating up previous records. European markets surged awash with speculation that the ECB is about to embark on their own new QE program.
The additional Central Bank stimulus is due to the dire state of European economies but this will be a huge boost to banks and equities. Not so much the EUR, which will be further diluted, by the ever expanding balance sheet.
The EUR slipped back below 1.3200 while the GBP remained 1.6580. New Home Sales in the US contracted by 2.4%, contradicting recent data, although in line with the erratic economic data releases this year. QE in the US has been hugely controversial and success will be measured with the withdrawal from the massive expansionary policy.
The AUD battled to hold 0.9300 and remains at the whim of the big Dollar while the KIWI trades 0.8340. NZ Trade data will be released today and it is hard to see any improvements with the environment created by the only contractionary Central Bank in the OECD! For more on Collinson FX and market information see:
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