Collinson Forex Daily Market Commentary

Daily Market Commentary

The news cycle continues to be dominated by the assassination attempt on President Trump. The failure of the gunman will only ensure stronger popularity for the POTUS candidate but reflect the dangerous times the world is in. The Third Plenary of the Chinese Communist Party also kicked off, with big plans for the future. Chinese GDP for Q2 was also released, coming in at an annualised 4.7%, lower than the expected 5.1%. This was disappointing news for Asian and European markets, which both lost grounds. The US markets, in contrast rallied, with the good news of the failed attack on Trump. The EUR traded around 1.0800, while the GBP drifted back to 1.2970.

The weaker than expected growth data from China had a negative impact on the commodity currencies. The AUD fell back to 0.6750, while the NZD surrendered 0.6100. NZ PSI and PCI data was also weaker than expected, further undermining the currency, as the cross with AUD fell below the psychological 'Big Figure' of 0.9000.

Paul Bettany   I   Collinson Forex Limited    Collinson & Co.  

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