Collinson FX Commentary: Jan 7- KIWI rises on holiday whimsy
by Collinson FX 8 Jan 2018 18:28 NZDT
8 January 2018
Collinson FX Market Commentary - January 7 - KIWI rises on holiday sentiment
US equities continued the bull run to close the first week of the year on record highs. The last 1,000 points have come at record pace as equities seem to be gaining momentum. The Fed are already looking to raise rates to combat inflation driven growth. Economic data was mixed with a surprising miss from Non Farm Payrolls.
The US economy only added 148,000 jobs, although the Unemployment rate held at 4.1%, while hourly earnings improved. Durable Goods Orders and Factory Orders both jumped 1.3% as the Trump economy continues to purr. The Dollar remains challenged, with the EUR holding 1.2030, while the GBP traded 1.3550.
Commodities continue to out-perform as the associated currencies book gains. The AUD trades around 0.7850, while the NZD holds 0.7150, which reflects holiday trade rather than data/result driven numbers. Look for economic data to continue to drive markets in the coming week.
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