EUR crosses/JPY crosses

China official non-manufacturing PMI improves slightly to 56.1

Recent economic data out of Asia has been reasonably promising which would explain the seeming bias from hedge funds to buy into Asian stocks for 2013.

Risk trades are nonetheless a little lower in early Asia, which is perhaps a reaction to the over-exuberance in the opposite direction yesterday. EUR/JPY is 30 pips lower from the NY close which is no great surprise as risk-reward would seem to favour being short on the 115 handle (113/116 range?).

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