Mixed session for Asia overnight, with Shanghai higher and ASX lower (BHP Billiton weighing). Markets initially rallied on the US data dump on Friday, but now remembering that higher rates will put pressure on stocks. Chinese data overnight was also weaker than expected, which will impact risk-appetite also, as EU gets into gear.
Aud & Nzd have been insulated from Chinese weakness recently, but if we consider the potential easing bias of RBNZ and RBA, along with USD strength and Chinese weakness, pressure can build quite easily. Just a thought.
Looking ahead, today’s interest rests with Boston Fed President Rosengren (17.00 GMT). In the wake of the strong October labour market report, his views may provide some proxy representation of the relatively dovish members on the FOMC that are voting this year. If the doves shift their views, the USD should find more support.
For charts, refer to the Weekly Game Plan.
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