Daily Market Commentary
US equity markets tracked lower, with the Moody's downgrade being digested, along with market sentiment. The US Dollar tread water, with the EUR trading just above 1.1250, while the GBP held 1.3350. Canadian inflation was hotter than expected, coming in at 2.5%, up from 2.2%. The US will not want to see a repeat of this when their next inflation measures are released.
Both the RBA and the Bank of China elected to cut rates, to counter any impact from Trump tariffs. The RBA has held back from rate cuts, due to the Federal Election, but proceeded as expected this time. The impact was immediate, with the AUD falling back below 0.6400, while there remains a premium with margins. The NZD Dollar continues to battle to hold 0.5900.
Dates & Headline
19/5 NZ Business PSI, NZ PPI, UK House Price Index, China House Price Index, China Industrial Production/Retail Sales, EU CPI
20/5 G7 Meeting, PBoC IRD, RBA IRD, German PPI, EU Current Account, Canada CPI
21/5 G7 Meeting, NZ Trade Exports/Imports, Japan Trade Exports/Imports, Japan CPI
22/5 G7 Meeting, Australia/Japan Services/Manufacturing/Composite PMI, NZ Budget, NZ Credit Card Spending, UK/France/German/EU Services/Manufacturing/Composite PMI, ECB Minutes, Chicago Fed National Activity Index, US Weekly Jobless Claims, US Services/Manufacturing/Composite PMI, EU Consumer Confidence, US Existing Home Sales, Kansas City Fed Manufacturing Index
23/5 NZ Retail Sales, UK Consumer Confidence, Japan CPI, German GDP, UK Retail Sales, France Consumer Confidence, US New Home Sales
Paul Bettany I Collinson Forex Limited Collinson & Co.
Private Banking I Mobile +64 0406-744-923
Countries: NZ 0800 338 838 I AU 1800 143 415 I UK 0800 028 5834 I US 1888 625 7833