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We are sitting on Thursday night Singapore time and the morning of the US session.  Since just before London went for lunch, the market was seeing USD sellers bidding up the majors; EUR, GBP, JPY and AUD up all across the board.  And it is still grinding upwards, though it appears that it may be losing some momentum.

This week has been a challenging week for the US.  All data were either softer or lower.

Retail sales turned in another negative month for two negative consecutive months.

Industrial production also negative, which could also partly explain why Q1 corporate earnings has been showing misses on a number of consumable stocks; Walgreen, Walmat, Target, Home Depot.

Unemployment claims edged slightly higher to 294K but below the 300K level.

So it looks like the Fed Reserve and Yellen needs to see more convincing numbers before initiating the first interest rate hike.

Last week, RBA surprised the market by not cutting interest rates which was highly expected by the market.  For the first time, in the RBA minutes, they are now expressing some concerns about the real estate market.  It is definitely bubbling and against an economy that is not growing plus requiring structural changes……………..hmmmm…………not looking good.

ECB this week and Draghi maintained a neutral stance to monetary policy and an accommodating tone to QE.

The previous week, BOE, Carney also mentioned about keeping the status quo, though, he too, is concern about the bubbling real estate market in London.

So, on balance, the whole world is still in limbo!

And, let’s not forget there is the irritation call Greece!

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