The week in Asia came to a close with greater optimism for a the global economic recovery as a slew of Chinese data came in better than expected, adding to dollar woes as it hit new lows for 2009 late in the day. Traders were optimistic and bought into risk after Chinese Industrial Production, CPI, Trade Balance and Retail Sales all came in stronger than forecasts, adding fuel to the fire that this crisis could be breathing its last breaths. Markets were lethargic early in the session, presumably awaiting the Chinese data that would come later in the day. Once the data was released, the selling of dollars and yen began. Full text »
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