Collinson Forex Daily Market Commentary

Daily Market Commentary

Biden has finally pulled out of the US Presidential Election race, due to obviously debilitating, cognitive problems. Uncertainty and questions remain. Who is running the USA? Who has been running the most powerful nation in the world, as Europe and the Middle East plummet into wars, which threaten to spread further globally? The US equity markets bounced back, from a week of heavy losses, but uncertainty remains and this will create volatile markets. The EUR traded just below 1.0900, while the GBP looks to hold 1.2900.

The Bank of China cut interest rates, in a surprise move, while commodity prices continue to fall. This has not helped the associated currencies, with the AUD falling to 0.6630, while the NZD dropped back to 0.5970. These are testing levels for the currencies and there could be more weakness. The lack of major economic data releases, only increase the importance of Geo-Political events.

Paul Bettany   I   Collinson Forex Limited    Collinson & Co.  

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