US Retail Sales in the US were flat, as markets await the delayed release of the important Non-Farm Payroll number, due tomorrow. The consolidation of equity markets, locks in last week’s gains, at least for now. Confidence has translated into an easing of the US Dollar, with the EUR breaking above 1.1900 temporarily, while the GBP pushed close to 1.3650.The Japanese markets continue to surge, following the election result, which gave the incumbent a super-majority. Equities, bonds and the Yen all rallied strongly, with the promise of an assured economic pathway forward. The easing of the reserve allowed the NZD to consolidate above 0.6000, while the AUD heads towards 0.7100.
