fbpx

Daily Market Commentary 27th February 2024

Share This Post

Markets were quiet to start the week, with a dearth of economic data releases, across global markets. GDP growth and inflation data will be the key to market trade, in the coming week, across Europe and the US. Economic recession is enveloping Europe, which is the cure to the inflation crises, but remains extremely painful for business and the consumer. In the US markets will be focused on inflation, with the Federal Reserve’s favoured inflation measure, the PCE, released later in the week. Bond Yields inched higher across Europe and the US, while the US Dollar was steady. The EUR firmed slightly, to trade 1.0840, while the GBP held above 1.2650.

Commodity currencies drifted lower, ahead of the RBNZ rate decision, coming this Wednesday. The RBNZ is expected to leave rates unchanged, but the real impact will come from their commentary. If the RBNZ remains hawkish, the NZD will enjoy continued support, while any talk of rate cuts would trigger downside pressures. The NZD was softer, falling back to 0.6170, while the AUD drifted back to 0.6530.

Collinson & Co Contact