Macro Morning (China cracks)

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By Chris Becker

The USD continued its pause overnight as the dual meme of Fed rate rises/Greek debt problems did the switcheroo with the latter dominating headlines and risk appetites as creditors announced they are no closer to a deal with the beleaguered state.

Adding fuel to the fire was the one session crash in Chinese shares where the Shanghai Composite rejected the 5000 point barrier, falling 6.5% in a move that should not be unexpected at all! Back down to previous resistance and now tentative support at 4600 points, a fall below should send it correcting down to 4000 points:

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