The European morning was very quiet in terms of news-flow but markets generally rallied irrespective. European equity indices pushed up 2%, USD/JPY extended its move up over 102 as investors shrugged off last week’s mini-dip.
US economic news-flow remains encouraging and is supporting sentiment across markets. The Conference Board consumer confidence reading jumped to 76.2 in May from 69.0 in April. This was a high since 2008. Meanwhile the S&P Case/Shiller home price index posted a 1.12% MoM gain in March taking annual growth up to 10.87% YoY, back at a double-digit pace for the first time since 2006.
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Commonwealth Bank