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USD creeps back higher
The buoyancy in risk appetite has faded a bit as sour notes continue to sound from economic data releases. The latest was yesterday’s extreme negative surprise from the February US Philly Fed survey, which David Rosenberg pointed out registered its lowest reading since May 2016 and its worst drop in the New Orders component since 2008. This follows a very weak February flash survey from Germany this week and Japan’s Nikkei PMI dropped below 50 to a reading of 48.5 (and exports in January down over 8% year-on-year). US core durable goods orders were also weak in December as were US existing home sales in January, ... (full story)