Fading Global Growth View Doesn’t Faze Equities, Yen Crosses or EURUSD
• PMI figures from Asia, European and US this past session pointed to continued cooling in global growth
• Despite the disappointing round of data, risk trends in equities, FX and others areas passed unfazed
• While EURUSD sports a risk sensitivity, Yellen remarks and inflation data Friday is top event risk
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An update of global PMI data this past session reflected poorly on the outlook for economic activity. That didn't seem to upset speculators' 'long-risk' positions however. The S&P 500 led global shares generally higher with a record high close of its own, the Yen crosses warded off further reversal and EURUSD conspiculuously held its 1.1000 floor. The latter pair has more beta exposure than most would expect with much of the past year's trend founded on monetary policy divergences. That said, the focus will return to the disparity between the Fed and ECB bearing through Friday's session with Fed Chairwoman Janet Yellen scheduled to speak and US inflation data set for release. We update on risk trends, Dollar bearings and a few pairs outside of the main fundamental currents in today's Trading Video.
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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.