USD remains weak in Asian trade

A fairly quiet Asian trading session, with the USD retaining it’s weaker feel. EUR/USD is up at 1.4090 compared to a North American close Tuesday around 1.4060. The USD is being underminned by a growing realisation that the US will not infact be hiking rates anytime soon and by decent risk appetite. Asian stockmarkets made nice gains overnight. Sentiment will have been underpinned by fact Australian June consumer confidence jumped most in 22 years. Interesting piece by Sam overnight, highlighting story in Hong Kong newspaper Ming Pao Daily. The paper reports that Chinese May industrial output will show 8.9% y/y growth, appreciably better than median forecast of 7.6% (data due Friday.) If true, you’d certainly think that would give risk appetite a further boost.

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