Collinsonfx Weekly Marketing Commentary and Calendar

Weekly Market Commentary

Equity markets closed out an extremely strong week, despite no fiscal stimulus/bailout from the US Congress, in the lead up to the US Presidential elections. A disrupted week after the President suffered infection from the coronavirus and a dramatic, almost miraculous recovery. The Fed have acted to provide monetary stimulus but Chairman Powell has requested necessary fiscal assistance. The Dollar drifted lower, as economic confidence rose, pushing the EUR to 1.1825. The GBP also bounced back to 1.3030, as monthly GDP jumped to 2.1%, but the annual GDP contracted a massive 9.3%!
 
The charging stock markets has boosted economic sentiment and the trade exposed commodity currencies. The AUD traded back to 0.7230, post the record breaking budget, while the NZD broke back above 0.6650. The coming week does not have an overflow of statistical data releases, but will have plenty of action, due to the election cycle. The NZ election is next week and the US Presidential election is fast approaching. These will impact the currencies and economies

Weekly Market Calendar

12/10 China Vehicle Sales
 
13/10 NZ Credit Card Spending, China Trade Exports/Imports, German Inflation, UK Employment, EU/German ZEW Economic Sentiment, NFIB Small Business Optimism, US Inflation
 
14/10 Australia Consumer Confidence, Australia New Home Sales, Japan Industrial Production, EU Industrial Production
 
15/10 Australia Employment, China Inflation, EU Meeting, US Weekly Jobless Claims, Philly Fed Survey
 
16/10 NZ Business PMI, EU Meeting, EU Trade, US Retail Sales, US Industrial/Manufacturing Production, University of Michigan Sentiment