Macro Morning: Australian dollar cliff

By Chris Becker

The BOJ punchbowl effect continues to work on weakening the Yen, but is no longer lifting stocks in a post QE environment. Although the S&P500 hit a new all time high intra-session, and the October ISM print was extremely strong, it finished slightly in the red with European stocks firmly down on the back of some poor EZ manufacturing PMI data contrasting with a stronger UK print.

The FTSE fell nearly 1% in the cash markets and continued to fall after hours as NY stocks came off the boil: