By Chris Becker
This is what happens when you have one market taking a long weekend with US traders coming back and hitting the sell button and buying USD en masse! A very solid US durable goods order plus surprising consumer confidence prints gave further impetus to Fed rate hikes, so its a case of good news for economy equals bad news for risk in this post-GFC monetary stimulus dominated meme.
Recapping Asia, the bubble in Chinese stocks continued with the Shanghai Composite up another 2% and now up over 50% since the start of the year! Rumors of further stimulus and the upcoming cross-border sales of managed funds that begin in July is adding fuel to this fire.