Collinson FX Market Commentary: January 21, 2013 - KIWI dips on shrink

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Collinson FX market Commentary: January 21, 2013

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Equities closed the week flat again after some good news from the GOP in the House of Representatives. The House proposed the extension of the Debt Ceiling until April 15th with a budgetry requirement from the Senate and the House.

This has supported the high levels attained from gains so far this year. News from China was positive with GDP growth moving up to 7.9% for the year. This has leant support to the associated commodities and currencies.

The AUD held 1.0500 athough the KIWI dipped to 0.8350 after an unexpected contraction in the CPI reflecting the parlous state of the economy. European markets were hardly filled with confidence after UK PM Cameron voiced concerns over the future of the EU and British participation.

The University of Michigan Consumer Confidence fell to 71.3 from 72.9, dissappointing many market participants. The coming week will continue to look at Earnings and Economic data but will not see much action until Tuesday due to MLK Junior holiday in the US!

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