More upbeat Chinese PMI data helps to lift the risk mood
- China official PMIs for November beat estimates and higher than in October
- China Caixin November manufacturing PMI 51.8 vs 51.5 expected
The kiwi is leading the charge on the back of the more positive risk tilt but also as NZ terms of trade data indicated a decent boost in export prices. The aussie is just right behind with the yen lagging as markets lean towards being more optimistic to start the day.
US futures are up by 0.3% while US 10-year yields are up by 3.5 bps to 1.81% as we begin the session and that is helping to keep the risk mood more upbeat.
Looking ahead, we'll have a couple of final manufacturing PMI prints from Europe but trading sentiment should still largely revolve around risk as we kick start the new week.
As such, look towards trade headlines for any potential shift in sentiment or otherwise, we could see the more cheerful risk tones keep up on the day.
