Feb 19, 2013
Fundamental morning Wrap: AUD joins the EURusal suspects in focus
Taking a look across institutional research this morning brings three themes into play. Sterling is out and AUD is in, joining EUR and JPY as the market focal points. On a quiet morning, attention has fallen on the pending LTRO II and Italian elections on Friday and the weekend. Over in Japan, the views appears to be that officials look like they are playing a two steps forward, one step back approach to verbal intervention, which they may feel is more subtle than it is actually coming across. finally, down under in Australia, the RBA looks unlikely to cut rates further at the moment as previous adjustments look to have had the desired effect. In the macro space, there is a bit of quiet, but the US´s rapid climb up the energy producing table is raising eyebrows, while there are hints that we may be at the start of a prolonged equity rally.
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