Recent economic data are fitting

Recent economic data are fitting into either the good or
great category, says Societe Generale’s Patrick Bennett; “there are no bad
numbers. Risk appetite is once again in the ascendant as investors are cheered by data and the translation to equity market gains – anyone for a bubble?” Are a number of key data prints to come this week, including U.S. payrolls Friday; USD remains under broad pressure and JPY is underperforming, while AUD has been top G10 performer in last 24 hours, putting on some more ground following solid 1Q GDP. “A fair question to ask might be what were the RBA thinking yesterday?
There have been some suggestions that the recent strength in the Australian
dollar may have played a role in their cautionary tone – if so they must be
none too pleased today.” USD/Asians finding some support though on intervention by central banks in region to provide local currency liquidity.