Don’t expect Asia to follow lead from the “risk on” NY session

No more bunga bunga jokes – what a shame. Of course Berlusconi has only promised to resign. It’s not a done deal yet. Asia will be circumspect as usual – don’t expect to see any rush into risk trades again today. AUD/USD appears to be the bellwether currency pair for this timezone easing sharply in Asia and early Europe on Monday and Tuesday only to come roaring back in NY. China’s monthly data dump is the headline act today. CPI and PPI at 0130GMT; Industrial output, retail sales at 0530. Trade data is scheduled for tom.