We saw an odd reaction yesterday as Wall Street and the dollar pushed higher on weaker than expected US data. This shows that there is a growing acceptance of the Fed hiking rates this year. It does though still make me cautious as I would much prefer new all-time highs on Wall Street to be accompanied by positive data. The S&P 500 rose 0.6% as the NASDAQ pushed back above 5000 for the first time since March 2000. The Asian session has been more reticent to make the upside move, and was not helped by the Reserve Bank of Australia which somewhat unexpected chose to stand firm on its interest rates at 2.25% ... (full story)