Wall Street Keeps Overestimating China's Macro Data
Market Depth
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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