Collinson FX: November 11: US markets continue to rally post election

by Collinson FX 10 Nov 23:39 PST 11 November 2024

Armstrong Foils' tour of New Zealand © Georgia Schofield

Markets continued to rally, following the huge wave of positive sentiment from the election of President Trump.

The Fed unanimously voted to cut a further 25 basis points, with a noted commentary from the Federal Reserve Chairman, that he was ‘feeling good’ about the US economy. The positive sentiment and more certainty moved equity markets to record levels, while the recent surge in bond yields has eased. The pressure on the safety of the US Dollar has also reversed, allowing the EUR to regain 1.0700, while the GBP has pushed back to 1.2900.

The softer reserve has ensured the commodity currencies have settled, albeit at low levels. The AUD bounced off 0.6560, while the NZD rebounded from 0.5950. These currencies are experiencing testing times and reflect the weak economic situation, domestically, as well as trade challenges. This coming week will see big inflation data releases across Europe and the US, while GDP growth data will also be of interest.

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