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Risk FX Continues Rebound as Eco Data Proves Supportive

Risk FX continued its recovery in morning European trade aided by much better than expected Retail sales data from UK. EUR/USD climbed to 1.3150 as markets became convinced that the ongoing negotiations for the Greek bailout will finally conclude next Monday, while cable rose  through the 1.5850 barrier after January UK Retail sales posted an impressive jump in volumes.

UK Retail Sales surprised to the upside printing at 0.9% versus -0.3% eyed .This was the second positive reading in a row and fourth out the past five months, indicating that UK consumer demand  is far more robust than the market consensus view. T

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Daily Report: Aussie Jumps on Risk Appetite and Housing Data

Aussie rebounds strongly in Asia today following rebound in risk markets as well as positive housing data. Asian stocks are somewhat lifted by earnings report of Aloca. The company’s outlook is seen as a bellwether of economic growth because of aluminium’s important role in manufacturing. The company posted a Q4 loss due to sharp decline in aluminium prices but revenue beat expectations. It also posted a positive outlook in demand, expecting 7% growth this year. Asian equities are broadly higher with Nikkei up more than 30 pts at the time of writing. Aussie is further boosted by building approvals data, which rose 8.4% mom in November. EUR/AUD dives to new record low.

China’s trade data showed export grew 13.4% yoy in December, inline with expectation but was the slowest since November 2009.

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CAD Shrugs Off Data, Euro Under Pressure after Fitch Default Rating

Aside from the German IFO report released earlier this morning, the only piece of meaningful economic data from North America was from Canada. The latest economic reports explain why the Bank of Canada has been comfortably on hold since October 2010. With consumer prices falling 0.7 percent in June, inflation is not a major threat. In fact, CPI declined by the largest amount since December 2008, leaving the annualized pace of CPI growth at 3.1 percent, down from 3.7 percent. Core prices also fell 0.6 percent, pushing the annualized pace of growth down to 1.3 percent. Even though headline inflationary pressures are well above the long term average, with core price growth below average, the Bank of Canada will be in no rush to raise interest rates even with consumer spending rising more than expected. The Read more text…

USD: Weaker Data Confirms that Fed will Trail Behind

Weaker U.S. economic data failed to put a significant dent into the rally of USD/JPY which took off after the surprise downgrade of Japan’s sovereign debt rating by Standard & Poor’s. But the dollar’s weakness against the euro, British pound and New Zealand dollars show that investors were disappointed by this morning’s U.S. Read more text…