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Nylon Handover: Euro bounces higher on GDP growth

An overview of market moves and events from the London and New York session to help start with Asia trading. 




- European GDP came in bang on target on both quarterly and annualised basis. Due to the deflationary fears for ECB it is in the situation where any number on target is taken as a positive, as can be seen on Euro crosses which all finished up for the session.
- Oil prices continue to decline with WTI breaking to its lowest point since 2009.
- Canadian Dollar continues to feel the pinch from lower Oil prices, making EURCAD as a suitable 'buy the dip' currency cross at present (and currently sitting at 1 month highs due to the diverging themes)
- Global stocks finished lower, helped by the weaker data from China in yesterday's Asia session (both imports and exports down again). 



- China inflation will be the key focus following yesterday's dismal trade balance data. However with an expectation of -5.9% then it is vulnerable to an upside surprise, which could help support Asian stocks, NZD and AUD crosses (and help lower them if below expectation). 
- Business confidence bounced higher yesterday so will be interesting to see if consumer confidence follows suit today for Australia. 
- Australian Home loans may also contract as we have seen property prices in Melbourne and Sydney ease off recently. 




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