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Apr 23
Good morning, Global equity markets continued their march upward yesterday, as positive investor sentiment refused to be spoiled by the potential for escalation in Ukraine and macro-economic data in the US that lacked spark. The S&P added another 0.41% to its valuation, marking the sixth up-day in a row and the longest positive streak in 7 months, despite a Ukrainian military plane being hit by gunfire from pro-Russia rebels in Slavyansk thus inciting the acting President of Ukraine to call for a restart of its anti-terrorist operation. It was a quiet start to the weak for currencies with little in the way of macro-economic data for traders to digest, although the slight beat in Existing Home Sales in the US for the month of March had the Loonie trading slightly heavy against its American counterpart throughout the course of the session, although topside for the USDCAD pair was capped in the mid-1.10s. Peeling back the layers of data on Existing Homes Sales, while the decline in the annualized reading fell by less than expected, the majority of buyers continue to be investors and all-cash buyers, with first-time purchases only accounting for 30% of all sales. We’ll get more data on the US housing industry later today at 10:00 EST with the release of New Home Sales for March, although expectations are to see this gauge pinned around the 450k level on an annualized basis; far from an overheating market. The overnight Asian session kicked off with the Aussie getting hit by a solid offer tone after a double-whammy of worse than expected economic data had AUDUSD shave a quick 60 basis points. Inflation data for the first quarter of 2014 saw the headline reading post a gain of only 2.9% when the median analyst estimate was 3.2%, tempering some expectations inflationary forces might force the Reserve Bank of Australia’s hand to look at raising rates by the end of the year. Not helping matters was the fact that the HSBC Flash Manufacturing reading for China in April showed activity in the manufacturing sector con
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