The yen underperformed as its safe haven premium unravelled, while commodity currencies outperformed. Rebounding oil prices drove a revival in risk appetite today. Chinese Q4 GDP was the catalyst, and though merely matching the consensus forecast of economists at 6.8% y/y there was relief in markets that it didn't undershoot, while the data still maintains expectations for further stimulus. Better than expected German ZEW investor sentiment was also in the mix. Brent crude rallied by over 5%, recouping above $30 in extending the rebound from yesterday's 12-year low at $27.70.
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