Collinson Forex Daily Market Commentary

Daily Market Commentary

Markets opened the new week strongly, with US markets operating in a pre-election operating mode. The US Presidential Election will probably drive market speculation over the next week, with Trump leading in most polls. The Japanese election saw the ruling party lose their absolute majority, following the recent change in PM and a string of low polls. The popularity of the ruling power has not been tested for many years, but as is the case across the world, people are looking for change. The uncertainty of the political situation will most likely ensure the Bank of Japan will leave rates unchanged in the rate decision, this week. The US equity markets continue to rally, while the EUR held around 1.0800 and the GBP trades below 1.3000.

The strong reserve has depressed the commodity currencies, with the AUD dropping below 0.6600, while the NZD remains under 0.6000. Politics will dominate the markets in the coming week, while US labour markets reports will provide daily interest.

Paul Bettany   I   Collinson Forex Limited    Collinson & Co.  

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