Japan – best value in developed markets – trading at 14x ’14 PE and earnings growth momentum that dwarfs recent U.S. and E.U.
The Aussie dollar has climbed to level not seen since July 29 after better than expected Australian Business Confidence report. The Australian Business Confidence report jumped to 6 for the month of August compared to July’s -3 reading.
During the Asian overnight session the Aussie dollar continue to strengthen against the U.S. dollar. On the U.S. dollar side market participants have been attempting to digest economic data out of the U.S. which have been mixed.
The Aussie dollar has been ticking higher for the past four sessions as it approaches our downward trendline and 200 day moving average despite disappointing Australian employment data. Official employment data showed a drop of over 10k jobs in July compared expectations of an increase of 5k new jobs.