Risk rally continues though the momentum on equities has died out a bit this morning. The most obvious reason is Japan, equities have stalled after Kuroda speech where he plainly said they would need to see the effects of their last move to weigh other options. China eased fiscal stance and set 6,5-7% growth rate target for 2016 and accepted slower growth is ahead. As the equity rally came to a halt, FX has held onto levels as ECB approaches. Commodities are still firm, oil and iron has rallied with Chinese fiscal easing promise. AUD, CAD and RUB has led this rally in the morning. Emerging Markets currencies TRY, ZAR, PLN and HUF have rallied strongly and CNY was fixed higher. Asian Emerging Markets KRW and IDR joined the rally as well. GBP and EUR rallies seem to have stalled here, USDJPY remains vulnerable even with US rates rising. Gold has kept pushing higher but 1270 area has been a strong resistance and the trend seems to have stalled there as well.
