Collinson Forex Daily Market Commentary and Weekly Market Calendar

Monday, July 22, 2024


Daily Market Commentary

Markets ended a dreadful week with a 'cyber-blackout' cutting IT services to Banks, Airlines, Media, Retail etc etc. There was major disruption across the globe and the source was said to be an update of software from a Texas-based Company, called 'Crowdstrike'. European equity markets crashed this last week, while US markets joined the 'house-wrecking party' late in the week. The Dollar was firmer, as a safety play, pushing the EUR back below 1.0900, and the GBP back to 1.2900.

Commodity currencies also suffered the stronger reserve, with the AUD falling back below 0.6700, while the NZD looks set to cede the 'BIG FIGURE' of 0.6000. The added downward pressure on the KIWI, has been aided by the fall in inflation, and dovish murmurs from the RBNZ. This coming week is a very slow economic data week, but there will be very strong Geo-Political undercurrents and very nervous markets. The Cyber-threats are a clear and present danger.

Weekly Market Calendar

22/7 NZ Trade Exports/Imports, Chicago Fed National Activity Index

 
23/7 South Korea PPI, Netherlands Consumer Confidence
 
24/7 EU Consumer Confidence, US Existing Home Sales, Richmond Fed Manufacturing Index, Australia/Japan flash Services/Manufacturing/Composite PMI, German Consumer Confidence, UK/France/German/EU flash Services/Manufacturing/Composite PMI, US Building Permits, Bank of Canada Rate Decision, US Flash Services/Manufacturing/Composite PMI
 
25/7 US New Home Sales, France Business Confidence, German Ifo Business Climate, France Employment, US Durable Goods orders, US GDP, US Weekly Jobless Claims
 
26/7 Kansas City Fed Manufacturing Index, NZ Consumer Confidence, Tokyo CPI, France Consumer Confidence, US PCE Inflation Indicator, University of Michigan Economic Sentiment

Paul Bettany   I   Collinson Forex Limited    Collinson & Co.  

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