Collinson Forex Daily Market Commentary

Daily Market Commentary

Markets remain nervous, with all of the political and Geo=Political action. The US is in turmoil, with the withdrawal of Biden as the Democrat Presidential candidate for this year's election. This closely follows the failed assassination attempt on Trump and there is speculation now on the health of Biden and his possible resignation from the Presidency. These are tumultuous times and meanwhile war continues unabated in the Middle East and Europe. The US Dollar attracted safety flows, with the EUR falling back to 1.0850, while the GBP slipped back below 1.2900. 

The stronger reserve and economic news from China, both contributed to weaker commodities and the softer associated currencies. The AUD has fallen all the way back to 0.6600, while the NZD has dropped to 0.5950. The Yen is bucking the trend, with safety flows and expectations of further actions from the Bank of Japan, jumping to 155.60. Expect further Geo-Political shocks.

Paul Bettany   I   Collinson Forex Limited    Collinson & Co.  

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