Collinson FX Market Commentary: April 1, 2014: All rise

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Collinson FX market Commentary: April 1, 2014

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Equity markets surged to wipe out last weeks losses and confidence surged. European markets settled with assurances from Russia that invasion of the Ukraine was not anticipated. Russia has reached out to the West to settle things down and pocket gains already achieved in the Crimea.

There is a reason to doubt this, with up to 80,000 troops massing on the border and Russian expansionism, hardly sated. This is a chess game, timing is essential, a combination of wit and military force will prevail short-term. The EUR settled at 1.3770 and the GBP gained back to 1.6680. Yellen has endorsed tapering but also observed 'unprecedented monetary stimulus will continue for an extended period' to combat a slack labour market. Australian New Home Sales rose, ahead of the RBA rate decision today, which has continued to boost the currency.

The AUD broke back above 0.9250, with expectations of no action in interest rates, but a bias towards firming. The KIWI has continued to perform well, trading 0.8670, looking forward to important manufacturing data out in China, Europe and the USA. A big week for economic data releases although this could be overwhelmed by Geo-Political developments in the Ukraine.

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