A long weekend in the US and Chinese Lunar New Year, resulted in a very quiet start to market trading, for the week. Chinese New Year extends for more than a week, so expect settled conditions to prevail. The headline UK Unemployment number jumped to 5.2%, a 5-year high, another red flag for a seriously challenged economy. The GBP dipped on the news, falling towards 1.3500, while the EUR traded around 1.1850.Commodity currencies drifted, with the AUD slipping below 0.7050 temporarily, while the NZD may yet challenge 0.6000 once again. Geo-Politics may have a hand in market direction, as the US negotiates with Iran and Iran threatens closure of the Strait of Hormuz. This will impact oil prices.
