If China reported disappointing GDP growth of 6.1% just imagine how how bad it really must have been…That’s the reality the market has to contend with this morning.
Risk trade took a knock, of course, but we are back to yesterday’s levels; not bad considering one of the pillars of the trade into AUD and CAD has taken a hit, the notion that China will emerge from recession first.
US data will be the near-term focus as housing starts and permits hit the wires along with jobless claims.
