Yen weakness was the main theme as risk-off positions unravelled as stocks in Europe and Asia rallied strongly following forecast-beating Q4 GDP data out of Australia and Switzerland, a fresh injection of cash into Chinese money markets by the PBoC, which also set the yuan reference rate weaker for a second day, and a solid rally on Wall Street yesterday following a better-than-expected manufacturing ISM survey. ECB boss Draghi and his colleague Villeroy also re-aired dovish rhetoric.
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