The Chinese/US State visit and summit, in Washington, was received extremely well and should result in improved trade arrangements between the worlds’ two super-powers. The two leaders get on extremely, well on a personal level, which many well led to an improved symbiotic relationship. US markets finished the week on a positive note, with equities recovering some lost ground, although bond yields remain at dangerously high levels. The US Dollar was steady, with the EUR looking to regain 1.1400, while the GBP bounced off 1.3200. This coming week has a plethora of global economic data releases, headlining by GDP growth and inflation readings, from both the US and Europe.
The positive close to the trading week allowed commodity currencies to consolidate, with the AUD trading 0.7030, while the NZD built above 0.5650. Markets will continue watch for developments in the Middle East and the impact on the global energy crisis.
