Themes

• General mood is “risk off”
• Japanese Machinery Orders Stronger at +3.4% from +1.3% talk
• Chinese data mixed:
  • GDP stronger at 4.0% (E: 3.3%)
  • Retail Sales weaker at 1.7% (E: 3.8%)
  • Industrial Production stronger at 4.3% (E: 3.7%)
  • Unemployment weaker at 5.1% (E: 5.0%)
• U.S. Markets closed tonight for Martin Luther King Jr Day

What’s Moving

There has been decent two-way action in currencies today, but little movement, as players consolidated U.S. moves in Asia today and largely held fire ahead of tonight’s Martin Luther King Jr Day holiday in the U.S.

A swag of Chinese and Japanese data was released today but had little impact on trade with players sitting on their hands in local dealings.

Oil has continued to grind higher in Asia today, extending gain from overnight trade.

With little major data out of Europe tonight and with the U.S. on holidays, expect to come in tomorrow morning wit levels little changed from current prices.