Asian equities consolidated overnight, after a swift recovery yesterday despite the man-hunt after the Paris events. The rise was also facilitated by a rebound in the energy sector. Metals remain soft instead.
Elsewhere, RBA Minutes did nothing for AUD except reinforce the "wait & see" stance. The lack of dovish rhetoric might actually be good for AudNzd ahead of the milk auction this evening. Milk prices have retreated and the expectations for today are for a bad number. This would evidently weigh on Kiwi.
Looking forward: UK CPI and retail sales are the highlights for the EU session, along with ZEW. The market is expecting a slightly stronger print on both UK & EU data, so if we get a disappointment, look out below. During the US session, we have CPI, Industrial Production & Manufacturing Production which are all expected to rise.
The USD is still king in FX, and in accordance with the game plan I will continue to look for shorts in Euro & Kiwi, and longs in UsdCad with opportunistic forays into UsdJpy also.
Charts for today:
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