Bulls back in charge

Today I’m posting from Seoul after traveling to Singapore, Cambodia, and Beijing as part of our Asia roadshow presentations. Tomorrow I’m in Taipei and next week Mumbai.

Unfortunately as is usual with such trips all I’m seeing are airports and hotels as I move from meeting to meeting. On the other hand it’s great to get a perspective about what investors are thinking at the start of the year.

Investors seem to be still making their minds about whether the economic news is good or bad. The bad news from the disappointing US jobs report last week has quickly been overtaken by better news from core US retail sales, Empire Manufacturing confidence and earnings. The net result is that bulls are back in charge.

Consequently the dollar also looks to be in good shape. Given that the remaining US data releases this week in the US are likely to remain upbeat I see no reason to alter my positive stance on the US dollar.

Clearly it’s still early days for US Q4 earnings releases suggesting that sentiment will remain fickle over coming days but any slippage in the USD should be seen as buying opportunities.


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