It was a buoyant session last night, in the more traditional 'risk on' sense. Commodities and equities got a decent boost, driven by decent-ish economic data – or maybe it’s more the case that it was an absence of any bad data. Not too good that it would fan the fan flames of QE taper-mania, and not bad enough to get the usual woodworms talking about a ‘Spring swoon’, or a ‘double dip’ or a 'Grexit' or something.
Now, US first-quarter GDP was revised down slightly in this estimate to a trend like 2.4 per cent from 2.5 per cent last time. In itself nothing, and the result still shows this as one of the better post-recession recoveries on record.