Reports revealing that Chinas growth is losing momentum are a blow to risk asset prices this Monday morning. Weaker than expected Chinese Q1 GDP growth of +7.7%, y/y (+8.0% expected), combined with the tired US data on Friday (retail sales and consumer confidence headlines) has equities, FI and commodities under pressure – it seems that cash is trying to be “King” for a day at least. The softer Chinese data has triggered a mass liquidation of EUR/JPY longs, the chief driver pushing the 17-member single-currency lower. The rest of the market continues to focus on gold, the precious metal that has managed to fall ... (full story)