Collinson Forex Daily Market Commentary and Weekly Market Calendar

Monday, August 19, 2024


Daily Market Commentary

Markets completed a stellar week of trade on equity markets, the best of 2024, recouping much of the losses suffered in the severe market correction a couple of weeks back. It appears markets are confident the US will avoid a serious economic recession and are moving on. US inflation was softer and Retail Sales were higher, adding to market enthusiasm, ahead of likely interest rate cuts from the Federal Reserve. The moves have emboldened optimism and the safety play for the US Dollar, has seen a reversal. The EUR has surged above 1.1000, while the recent positive economic data from the UK has allowed the GBP to surge above 1.2900.

The softer reserve has allowed commodity currencies to consolidate, despite the surprise rate cut, from the RBNZ. The AUD has jumped back to 0.6670, while the NZD reclaimed 0.6050, despite sharp falls following the RBNZ IRD. The coming week is not a huge week in terms of economic data, but will lead into the important 'Jackson Hole Symposium'. This is the conference for Central Banks and provides a global platform for Central Bankers to voice their strategies.

Weekly Market Commentary

19/8 NZ Services PSI, NZ Composite PCI, Austria CPI
 
20/8 NZ Trade Exports/Imports, RBA Minutes, German PPI, EU Current Account, EU CPI, Canada CPI
 
21/8 NZ Dairy Prices, Japan Trade Exports/Imports, NZ Credit Card Spending, France Consumer Confidence, US Weekly Mortgage Applications
 
22/8 FOMC Minutes, Australia/Japan/India Services/Manufacturing/Composite flash PMI, UK/France/German/EU Services/Manufacturing/Composite flash PMI, Chicago Fed National Activity Index, US Weekly Jobless Claims, US Services/Manufacturing/Composite flash PMI
 
23/8 EU Consumer Confidence, US Existing Homes Sales, Kansas City Fed Manufacturing Index, NZ Retail Sales, UK Consumer Confidence, Japan CPI, Jackson Hole Symposium (Central Bankers Conference), France Business Confidence, US Building Permits

Paul Bettany   I   Collinson Forex Limited    Collinson & Co.  

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