Collinsonfx Daily Market Commentary

Markets reached for further record highs, as US markets holidayed, celebrating Martin Luther King. World leaders gather in Davos for a global forum. It is another massive gathering of elites to prance the world stage and accomplish very little. Surprisingly the President of the USA will attend and his address will be worth the entry fee, alone!

He will cause controversy, but he will advertise the huge progress the US economy has made and highlight policies of low tax, deregulation and bi-lateral trade agreements. The AUD fell back to 0.6865, while the NZD attempted to hold 0.6600, in the face of a rising reserve.

The UK PM, Boris Johnson, held an African forum in Britain, which sets the table for economic and trade ties with African nations ahead of Brexit. The PM will use Davos to establish relations with priority countries, that the UK will target for trade agreements. High on the list is the USA and Commonwealth nations. The GBP attempted to hold 1.3000, in the face of a strong Dollar, while the EUR slipped below 1.1100. The USD operates at a substantial premium and will therefore continue to dominate.

Markets will reopen with renewed enthusiasm tonight.