No real change anywhere overnight with the NZD continuing to weaken (great call yesterday from 888) and the EUR also under modest pressure ahead of the ECB. The Yen isn’t bouncing at all which suggests more losses ahead which all means to me the AUD is likely to stay well supported with the market needing to buy something! I’m still bullish short-term for the CAD, given the lop-sided short positioning there, and I’m still of the view that cable will range-trade in a broad 200 pip range between 1.6470/1.6670.
Australian retail sales and China non-manufacturing PMI are the risk events on Asia’s economic calendar with the ECB later today of course.