Overnight, Asian equities completely reversed the flow from late NY after poor US retail sales pushed further into the future any possible rate hike scenario. Nikkei in the black ove 1%, ASX also positive, along with Hang Send and Shanghai.Equities however are still not yet flowing on positive momentum/sentiment so no action is recommended there.
The USD is the weak one again. Both headline and core retail sales missed expectations, despite FOMC's Lacker downplaying the significance of the data. However, recent US data disappointments will feed concerns that the US economy may be decelerating and question policymakers' ability to respond to a slowdown. If concerns intensify, we could see further USD weakness alongside safe-haven flows.
AUD didn't really respond to weak jobs data, which is overall quite bullish. The Aud might want to play catchup with other majors vs. USD. Nzd, Gbp & Cad are still looking stronger vs. USD however.
Looking forward, there are no data releases during Europe, but during the US session we will have the all-important CPI figures, along with Jobless Claims, Empire State, Philly Fed AND some Fedspeak! UsdJpy is poised for a downwards break out of it's long lasting range...today's data could be the key to a rather important move.
Charts for Today:
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