London Open – Aussie bid after Chinese data by Milan Cutkovic

It was a lively session, despite Tokyo being off for a holiday and the lack of news/events. The day started with a risk-off bias, as S&P 500 futures extended losses and the Yen strengthened across the board. Risk currencies then caught a bid as traders were expecting solid data out of China. The numbers didn’t disappoint and the Aussie extended gains towards 0.8750. Similar price action in NZD/USD, where the topside was capped at 0.7880.

Heading into the London open, the USD remains weak across the board and Europe will likely react posivitely to the overnight events, keeping the Aussie bid. Looking at the econ calendar, there are no key data releases today and given that the US and Canada desks are closed for holidays, liquidity will be thin after the London close.

Good luck!

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