Well maybe that’s a slight exaggeration, but risk sentiment is in pretty good shape. Against this backdrop the JPY and USD are the losers. EUR/USD has advanced to 1.3310 from a North American close Friday around 1.3265, while EUR/JPY is up at 132.35 from around 131.50.
Plenty of encouraging signs. CLSA China Purchasing Managers Index rose to a seasonally adjusted 50.1 in April from 44.8 in March, the first expansion in 9 months.
China retails sales climbed 9% from a year ago to about 12 bln yuan ($1.76 bln) during the three day May Day holiday. Estimates are based on sales from May1 till May 3 at 1,000 major domestic retailers.
India manufacturing PMI meanwhile rose to 7-month high of 53.3 in April from 49.5 in March.
ASEAN countries are going to get together to create $120 bln foreign currency reserve pool by year end, to help revive investor confidence in the region. The funds are to be used in times of turmoil.
The swine flu outbreak appears to be less of a problem than first feared.
Asian stocks made decent gains.
