Macro Morning: Australian dollar touches 84s

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by Chris Becker

Good data prints – or more importantly, positive reaction to data – all round helped risk markets inch higher last night with the S&P500 achieving another record high in its secular bull market:

Chart SP500, D1, 2014.11.26 21:13 UTC, VantageFX Pty Ltd., MetaTrader 4, Real
The data mix from the US at first glance was mixed, with the closely watched durable goods order for October headline print being higher than expected, but core data coupled with a rising trend in initial jobless claims and lagging home sales point to a cooling US economy. Coupled with a slightly weaker Chicago PMI (but still very high) this didn’t stop US bond markets strengthening with yields going for new lows again.

In Europe-land the UK Q3 GDP print came in at 3% annualised but this was all due to increased government spending as exports slumped and business investment slows down. This helped cable though as its solidly broke through resistance at 1.57 that I mentioned previously:

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