Wall Street Keeps Overestimating China's Macro Data
Market Depth
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The Aussie Dollar and the China Data Reaction
An important currency for China activity is the Aussie dollar upon the PBOC MLF operation./nThe AUD had more impact from the China data releases, likely due to its recent rally./nCopper futures were already on a downside trend and the China data release exacerbated this move./nThe sharpest move in today's Asia session occurred at the close, as Aussie traders made way for London and LME commodities traders./nThe recent rally in copper may have been overdone, as it is now giving back its gains./nE-mini S&P futures and dollar yen did not react to China data or the PBOC MLF operation.
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