Weekly Market Commentary
US equity markets closed the week out at record highs. The proposed US tax cuts may be signed in to law by Christmas. This inspired markets and looks set to trigger new rallies in the New Year. Confidence in the US is surging as the economy booms and corporate tax cuts will enhance this. The EUR traded 1.1750, while the GBP drifted to 1.3320, still impaired by 'Brexit' negotiations. Commodity currencies have regained some previously lost ground, with the AUD dipping back to 0.7630, while the NZD failed to breech 0.7000. The last week before Christmas will move away from Central Bank speculation, towards growth, trade and confidence. Markets should close at record highs, assuming the US Tax reform passes, as expected. The exception will be the release of the RBA minutes which will expose the Banks sentiments regarding the state of the Australian economy and their planned monetary policy.
Weekly Market Calendar
18/12 Japan Trade Exports/Imports, NZ Dairy Acction, NZ Consumer Confidence, EU CPI, NAHB House Market Index
19/12 NZ Consumer Confidence, Australia Consumer Confidence, RBA Minutes, German IFO Business Report, US Housing Starts, US Building Permits, US Current Account
20/12 NZ Trade Exports/Imports, NZ GDP, Australia Leading Index, EU Current Account, US Existing Home Sales
21/12 Philly Fed Survey, US GDP, US Weekly Jobless Claims, Chicago Fed National Activity Index, US House Price Index, US Leading Index, EU Consumer Confidence
22/12 German Consumer Confidence, France GDP, US Personal Income/Spending, US Durable Goods Orders, US New Home Sales, University of Michigan Confidence, Kansas City Fed Manufacturing Index
Paul Bettany
paul@collinsonfx.com
Collinson & Co
0406-744-923