Collinson FX Market Commentary - December 6 - Global media deal pending
by Collinson FX 6 Dec 2017 11:44 NZDT
6 December 2017
Auckland Optimist Championships, WakatereBoating Club © Richard Gladwell
Collinson FX Market Commentary - December 6 - Global media deal pending
European markets drifted lower overnight, as news of further obstacles surrounding the 'Brexit Divorce' agreement surfaced, throwing uncertainty in to markets.
The EUR slipped back to 1.1850, while the GBP came back to 1.3450, with little on the economic front to drive optimism. European PMI data was flat while the retail market contracted. A massive deal between media giants Fox and Disney looks likely to proceed, which could change the face of global media, while driving equities higher. Tax reform remains the major influence on equity and currency markets and looks likely to be signed by President Trump by Christmas.
The AUD regained 0.6800, supported by a rise in Retail Sales, 0.5%, while markets keenly await the influential GDP number. The NZD pushed above 0.6850, despite a 0.9% contraction in commodity prices, but remains vulnerable.
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