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    NYLON HANDOVER: Stocks within striking distance of record highs.

    Crude oil, and stocks and AUD were the overnight winners as traders continued to enjoy the risk-on vibe November has so far presented them.

    - The S&P500 has jumped to within 1% of the all-time highs and European at 2-month highs after rising oil prices supported energy stocks. 
    - US Dollar resumed its upwards path, only being held back by a stronger AUD following RBA's decision to hold rates at 2% yesterday. 
    - UK construction was slightly below expectations but remains at an impressive level of 58.8, its second highest reading since March. 

    - AUDUSD remains elevated around 72c after yesterday's hawkish statement (and rates on hold). of course, the obligatory 'get out of jail free card' was at the end of the statement, where Central banks leave rate cuts on the table to stop their currencies going up too much. But this is an unlikely scenario in my books. Today we see retail sales which, if hits the 0.4% expansion as expected, should provide further support for the Aussie. Trade Balance has been in deficit since June '14 so don’t expect any turnaround miracles today.
    - Eyes will be closely on the Chinese Services PMI this afternoon, especially since the manufacturing sector is in decline. 

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