Collinson FX Market Commentary: July 23, 2013 - Brit's distractions

Elliott 5.9 - 2013 Auckland Cup, Day 3

Collinson FX market Commentary: July 23, 2013

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Gold rallied strongly with the market realisation that Bernanke had no short term ambitions to end QE infinity.

The Dollar ebbed in conjunction, pushing the EUR up to 1.3180 and the GBP surged to 1.5350 with the Brits ecstatic over the prospect of a new Royal, Cricket ,T de F and anything but the economy. In the US, summer markets continue to trade thinly and await some big news.

They were quiet to open the week with Existing Home Sales falling 1.2% which missed expectations and is the first data release around this leading index. The Chicago Fed's National Activity Index also contracted with little good news but the Fed holds the equity market steady.

Energy prices drifted lower while metals rose with demand. The AUD caught the bounce and received an extra boost from the decline in the USD. The AUD moved back to 0.9230 and the KIWI is approaching 0.7950.

No scheduled Central Bank commentary allows the markets to absorb economic data releases and US earnings.

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