Collinson Forex Daily Market Commentary

Daily Market Commentary

The French Parliamentary elections shocked few, following the lead of the recent European election, with a win for the Right. This is only the first round of the Parliamentary elections, but it looks good for a victory for the National Rally. This would be a first for the right in France and will add pressure to the President Macron, who's party came in a dismal third. The EUR rallied to 1.0740, while the CAC Share markets, also surged on the news. PMI Manufacturing data from Europe is in the doldrums and remains so. German inflation continues to soften, proving the best antidote for inflation, is recession.

Manufacturing PMI data in Australia and Japan was also weaker, while China managed to buck the trend, and strengthen. Commodity currencies remain under pressure, with the NZD drifting back to 0.6070, while the AUD held around 0.6650. The Australian markets await the release of the latest RBA Minutes, to see just how hawkish the Central Bank remains.

Paul Bettany   I   Collinson Forex Limited    Collinson & Co.  

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