3 Jun 2013
Flash: A pause before yields rise again - Societe Generale
FXstreet.com (Barcelona) - Kit Juckes, Global head of Currency Strategy at Societe Generale comments that “markets feel as though they are catching up after the weekend rather than setting sail for a clear destination.”
He notes that better Chinese PMI data and pre RBA positioning trumped soft equities and soft Oz retail sales data, and the AUD is up. Further, he sees that positions matter and the market's short AUD into a meeting where a cut can't be taken for granted. Otherwise, he writes, “Nikkei down, Yen up, BIS warning of the dangers of easy money, trouble in Turkey, and PMIs at the start of week with the ECB and payrolls at the other end.”
He notes that better Chinese PMI data and pre RBA positioning trumped soft equities and soft Oz retail sales data, and the AUD is up. Further, he sees that positions matter and the market's short AUD into a meeting where a cut can't be taken for granted. Otherwise, he writes, “Nikkei down, Yen up, BIS warning of the dangers of easy money, trouble in Turkey, and PMIs at the start of week with the ECB and payrolls at the other end.”