The driver of the global economic recovery, Asia, revealed some good economic data overnight. Japan and Singapore reported better than expected industrial production, Thailand had a 31.4% rise in Jan exports, Australia said bank lending rose twice expectations in Jan and Taiwan had the strongest leading indicator figure since July. All of their respective stock markets rallied in response. Also of interest, a Chinese newspaper said China is ‘stress testing’ a rise in the Yuan and its impact on manufacturing as the pressure and focus on them to revalue its currency continues to grow. While the US$ is lower vs the euro, the pound is down for the 9th of the last 11 days vs the US$ after Jan government spending rose more than expected and offset a slightly better than forecasted rise in Q4 GDP. US Q4 GDP is not expected to be revised from its original print of 5.7%. Chicago PMI, Existing Home Sales and UoM confidence will be key today.
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