Daily Commentary 29/03/2016

Markets closed for the Easter Holidays lower for the shortened week. The Fed talking up the prospects of raising rates has stalled equity rallies and strengthened the Dollar. The EUR has dipped to 1.1150, while the GBP fell to 1.4150, impervious to the ‘Brexit’. US Durable Goods Orders collapsed, from growth of 4.2%, to a contraction of 2.8%. The huge turnaround is a red flag for the all-important US consumer. Commodities drifted and the associated currencies drifted under the weight of the reserve rally. The AUD looked to test 0.7500 on the downside before, while the NZ slipped towards 0.6700, celebrating retention of the national flag. The new week will see a plethora of economic data release and further disruption and fallout from refugees and terrorism consuming Europe.

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