Global markets return to fuller trade on Wednesday following the Tuesday holiday session in many countries. Overall, there has been no real change to the familiar ranges, and volatility remains at exceptionally low levels. The Euro has mostly been locked in tight consolidation above 1.3200, while even the recently wilder Australian Dollar has resigned itself to quieter trade following a surprising 50bp RBA rate cut which resulted in an immediate +1% decline on Tuesday. Some solid ISM manufacturing data out of the US has helped to keep equity markets propped for now, and US stocks are very close to retesting their ... (full story)