USD, JPY, AUD flows: Risk positive tone persists, US trade data much a expected

US trade data comes in broadly in line with consensus, and there is little FX impact, although the JPY remains under some pressure, while the AUD has continued to recover ground after some losses overnight and is at its highest since the European open. The generally risk positive tone persists, with the exception of the UK equity market, with the FTSE 100 pulled down by weak bank shares after poor HSBC results. But other European markets are up around 1%, helped by softer oil prices.