Asian equities were mostly positive overnight, especially ASX and Nikkei. China suffered from the worse than expected Caixin PMI. China also achieved SDR inclusion but market response to the move was largely subdued. The fact is that there is RMB liquidity for central banks but not for private sector capital flows.
AUD resilient after the RBA. There was no mention of FX strength and the CAPEX weakness was deemed as transitory and improvement in other sectors will offset gradually. This does give strength to Aud buyers, especially as USD longs have been somewhat pared.
NZD is equally dominant in it's performance this week, having broken last week's highs. It seems that the spotlight pairs (Euro, Gbp) are waiting for their regional data before committing to another move.
Looking forward: initial focus will be on the release of the BOE's Financial Stability Report & Carney's presser. Then we have German Unemployment & PMI, EU PMI, UK PMI and US PMI to look out for.
No charts for today.
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