Source: Bloomberg

Asian currencies and equity markets appear to rally on days the market is open. H-shares are up another 0.57% on the HSCEI. Korea, the cheapest Asian market, is up 0.99%, followed by Taiwan (+0.6%), Thailand (+0.34%), Malaysia (+0.30%), Philippines (+0.9%) and Vietnam (+0.16%). India is the only down market (and coincidentally the most expensive). The JP Morgan EM currency index meanwhile is soaring despite higher US interest rates this morning. This is looking more like a world trade revival.